N.Y. Banking Law 4001-B – Formation of limited liability trust companies
§ 4001-b. Formation of limited liability trust companies. 1. Notwithstanding the provisions of section four thousand one of this title and when authorized by the superintendent as provided in article two of this chapter, five or more persons may form a limited liability trust company pursuant to the provisions of article three of this chapter. Such person or persons shall subscribe and acknowledge the articles of organization in duplicate, which shall specifically state:
Terms Used In N.Y. Banking Law 4001-B
- board: means "board of directors". See N.Y. Banking Law 1001
- Office: means in the case of a bank or trust company its principal office, in the case of a safe deposit company, investment company or mutual trust investment company, its principal place of business and in the case of a foreign corporation the place of business designated in its license or its authorization pursuant to article five-C of this chapter, as the case may be, for the oldest agency or branch in this state of such foreign corporation. See N.Y. Banking Law 1001
(a) the name by which the limited liability trust company is to be known;
(b) the place where its office is to be located;
(c) the amount of its capital contributions;
(d) if the company is to have classes or groups of members, the relative rights, powers, preferences, limitations, and voting powers of each such class or group;
(e) the names and places of residence of the persons forming the company;
(f) the duration of the company;
(g) the number of managers charged with the management of the company as its board, provided that such number shall be in accordance with the requirements set forth in section seven thousand two of this article; and
(h) the names of the persons who shall manage the company until the first annual meeting of the members, provided that such persons must possess the qualifications as to citizenship and residence specified in section seven thousand one of this article.
2. No limited liability trust company shall be authorized to exercise the powers set forth in this chapter or the limited liability company law unless its capital contributions amount to not less than the amounts prescribed by the superintendent.