The New York Amendment to Articles of Incorporation regarding paying distributions out of any funds legally available therefor is a crucial component of corporate governance. It allows corporations in New York to distribute funds to its shareholders, subject to certain legal and financial restrictions. This amendment sets out the conditions under which distributions can be made, ensuring compliance with the state's regulations. One type of New York Amendment to Articles of Incorporation regarding paying distributions out of any funds legally available therefor is the "Permitted Distribution" amendment. This amendment outlines the circumstances in which a corporation can distribute funds to shareholders without violating legal requirements. It specifies that distributions cannot be made if they impair the corporation's capital or exceed its net assets. Another type of Amendment under New York law is the "Authorized Distribution" amendment. This type of amendment is specific to corporations that have accumulated surplus or retained earnings. It allows the corporation to make distributions to shareholders only from these funds that are legally available for such purposes. The amendment sets out the procedures and restrictions for making authorized distributions, ensuring compliance with state regulations. Keywords: New York, amendment, Articles of Incorporation, paying distributions, funds, legally available, Permitted Distribution, Authorized Distribution, shareholders, corporate governance, compliance, surplus, retained earnings.
New York Amendment to Articles of Incorporation regarding paying distributions out of any funds legally available therefor
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