Section 434. When corporate existence begins; conditions precedent to commencing business

When the superintendent  shall  have  endorsed  his  approval  on  the organization certificate as provided in article two of
  this chapter, the corporate existence of the Savings and  Loan  Bank  of
  the  State of New York shall begin and it shall then have power to elect
  officers  and  transact  such  other  business   as   relates   to   its
  organization;  but  such  savings  and loan bank shall transact no other
  business until: 1.  Subscriptions to its shares aggregating one  hundred
  thousand  dollars  shall have been paid in cash and an affidavit stating
  that such subscriptions have been so paid, subscribed and  sworn  to  by
  its  two principal officers, shall have been filed in the clerk's office
  of the county of New York, and a certified copy thereof in the office of
  the superintendent.
    2. The superintendent shall have duly issued to it  the  authorization
  certificate specified in article two of this chapter.