4001-B - Formation of limited liability trust companies. - New York Statutes

§ 4001-b. Formation of limited liability trust companies. 1. Notwithstanding the provisions of section four thousand one of this article and when authorized by the superintendent and the banking board 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: (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.