N.Y. Railroad Law § 227

§ 227. Organization. Whenever the whole capital stock of such\ncorporation or an amount of such capital stock proportioned to the part\nof such railroad directed by the commissioners to be constructed, shall\nhave been subscribed by not less than fifteen persons, and the fixed\npercentage of such subscriptions shall have been paid, in cash, the\ncommissioners shall, by written or printed notice of ten days, served\npersonally or by mail, call a meeting of such subscribers for\norganization, and appoint the inspectors of election to serve thereat.\nAt such meeting, or at any subsequent one to which the same may be\nadjourned, a majority in number and amount of such subscribers may elect\npersons, of a number to be theretofore determined by the commissioners\nnot less than nine, who shall be directors for one year of the\ncorporation formed for the purposes of constructing and operating such\nrailroad.\n