N.Y. Not-for-Profit Corporation Law 1305 – Application for authority; effect
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§ 1305. Application for authority; effect.
Terms Used In N.Y. Not-for-Profit Corporation Law 1305
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Upon filing by the department of state of the application for authority the foreign corporation shall be authorized to conduct in this state any activities set forth in the application. Such authority shall continue so long as the corporation retains its authority to conduct such activities in the jurisdiction of its incorporation and its authority to conduct activities in this state has not been surrendered, suspended or annulled in accordance with law.