507 - Compensation for formation, reorganization and financing. - New York Statutes

§ 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.