Statute · New York Business Corporation Law

N.Y. Bus. Corp. Law § 507 — Compensation for formation, reorganization and financing

N.Y. Bus. Corp. Law § 507

Type
Statute
Source
New York Business Corporation Law
Jurisdiction
New York
Current through
Nov 5, 2026 (NY Senate Open Legislation)

§ 507. Compensation for formation, reorganization and financing.

Citator

N.Y. Bus. Corp. Law § 507 — Compensation for formation, reorganization and financing is in force in the current edition of the Code, and nothing recorded condemns it.

§ 507. Compensation for formation, reorganization and financing.

The reasonable charges and expenses of formation or reorganization of a corporation, and the reasonable expenses of and compensation for the sale or underwriting of its shares may be paid or allowed by the corporation out of the consideration received by it in payment for its shares without thereby impairing the fully paid and nonassessable status of such shares.