N.Y. Comp. Codes R. & Regs. tit. 5 § 15.3

Current through Register Vol. 46, No. 45, November 2, 2024

Section 15.3 - Loans and investments

(a) Within a zone located within one or more municipalities with a total population of more than 25,000, an empire zone capital corporation must accumulate at least $200,000 in capital stock before any investment in or loan to any business may be made. Within a zone located within one or more municipalities with a total population of 25,000 or less, a zone capital corporation must accumulate at least $100,000 in capital stock before any business loan or investment may be made.

(b) In no event may an empire zone capital corporation acquire an ownership interest in any zone certified business amounting to over 25 percent of the ownership interest of such business.

N.Y. Comp. Codes R. & Regs. Tit. 5 § 15.3