N.Y. Banking Law § 5009

§ 5009. Dividends or other distributions in cash or property. Subject\nto sections one hundred ten, one hundred twelve and five hundred\nseventeen of this chapter, a corporation may declare and pay dividends\nor make other distributions in cash or property, including the shares or\nbonds of other corporations, on its outstanding shares, out of net\nprofits or surplus, except when there is any impairment of capital\nstock, or when the declaration, payment, or distribution would be\ncontrary to any restrictions contained in the organization certificate.\n