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A guarantee may be given by a corporation, although not in furtherance of its corporate purposes, when authorized at a meeting of shareholders by two-thirds of the votes of all outstanding shares entitled to vote thereon. ?If authorized by a like vote, such guarantee may be secured by a mortgage or pledge of, or the creation of a security interest in, all or any part of the corporate property, or any interest therein, wherever situated.
Cite this article: FindLaw.com - New York Consolidated Laws, Business Corporation Law - BSC § 908. Guarantee authorized by shareholders - last updated January 01, 2021 | https://codes.findlaw.com/ny/business-corporation-law/bsc-sect-908/
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