5 CRR-NY 15.3NY-CRR
5 CRR-NY 15.3
5 CRR-NY 15.3
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.
5 CRR-NY 15.3
Current through October 15, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.