N.Y. Banking Law § 216

§ 216. Capital stock. The capital stock of such corporation shall be\nfive hundred thousand shares of common and preferred stock, in such\namounts as shall be established in the by-laws by the board of\ndirectors, with the preferred stock having such relative rights,\npreferences and limitations as shall be established in the by-laws by\nthe board of directors. At least a majority of the capital stock of\nsuch corporation shall at all times be held by residents of the state or\nby persons, firms or corporations engaged in doing business therein.\n