2010 New York Code
BSC - Business Corporation
Article 5 - (501 - 520) CORPORATE FINANCE
506 - Determination of stated capital.

§ 506. Determination of stated capital.
    (a) Upon  issue  by  a  corporation  of  shares  with a par value, the
  consideration received therefor shall constitute stated capital  to  the
  extent of the par value of such shares.
    (b) Upon  issue  by  a  corporation  of  shares without par value, the
  entire consideration received therefor shall constitute  stated  capital
  unless  the board within a period of sixty days after issue allocates to
  surplus a portion, but not all, of the consideration received  for  such
  shares.  No  such  allocation  shall  be  made  of  any  portion  of the
  consideration received for shares without par value having a  preference
  in the assets of the corporation upon involuntary liquidation except all
  or  part  of the amount, if any, of such consideration in excess of such
  preference, nor shall such allocation be made  of  any  portion  of  the
  consideration  for  the issue of shares without par value which is fixed
  by the shareholders pursuant to a right reserved in the  certificate  of
  incorporation,  unless  such  allocation  is  authorized  by vote of the
  shareholders.
    (c) The stated capital of a corporation may be increased from time  to
  time  by resolution of the board transferring all or part of the surplus
  of the corporation to stated capital. The  board  may  direct  that  the
  amount  so  transferred  shall  be  stated  capital  in  respect  of any
  designated class or series of shares.