ยง 5009. Dividends or other distributions in cash or property. Subject
to sections one hundred ten, one hundred twelve and five hundred
seventeen of this chapter, a corporation may declare and pay dividends
or make other distributions in cash or property, including the shares or
bonds of other corporations, on its outstanding shares, out of net
profits or surplus, except when there is any impairment of capital
stock, or when the declaration, payment, or distribution would be
contrary to any restrictions contained in the organization certificate.
Structure New York Laws
5002 - Issue of Any Class of Preferred Shares in Series.
5003 - Subscription for Shares; Time of Payment, Forfeiture for Default.
5004 - Consideration and Payment for Shares.
5005 - Transferable Rights to Purchase Shares; Imposition of Restrictions or Conditions Thereon.
5006 - Compensation for Formation, Reorganization and Financing.
5007 - Certificates Representing Shares.
5008 - Fractions of a Share or Scrip Authorized.
5009 - Dividends or Other Distributions in Cash or Property.
5010 - Share Distributions and Changes.
5012 - Purchase or Redemption by a Corporation of Its Own Shares.
5013 - Agreements for Purchase by a Corporation of Its Own Shares.