New York § 310 - 310Restrictions
Full text of New York New York Consolidated Laws § 310 — 310Restrictions, with citation guidance and answers to common questions.
§ 310. 310Restrictions
§ 310. Restrictions. Such corporation shall not deposit any of its funds in any banking organization unless such banking organization has been designated as a depository by a vote of the majority of all of the directors of such corporation, exclusive of any director who is an officer or director of the depository so designated. Such corporation shall not make any loans other than those set forth in section three hundred four hereof, and in no event shall the corporation make any loans, directly or indirectly, to any of its officers or to any firms in which any of its officers is an officer, director or stockholder. Such corporation shall not receive money on deposit except that money held in escrow pursuant to the provisions of subdivision three (c) (vii) B of section three hundred four hereof, or otherwise, shall not be deemed to be the receipt of money on deposit.
Frequently Asked Questions About New York § 310
What does New York Consolidated Laws § 310 cover?
Section 310 ("310Restrictions") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 310?
A common citation format is "New York Consolidated Laws § 310" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 310 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.