2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 5 - (100 - 128) REDEVELOPMENT COMPANIES
108 - Consideration for capital and bonds.

 
    §  108.  Consideration for capital and bonds. No redevelopment company
  which is a corporation shall issue shares,  nor  shall  a  redevelopment
  company  which  is  a partnership credit sums to the partners on capital
  account, nor shall a redevelopment company which is a limited  liability
  company  credit  sums  to  the  members  on capital account, nor shall a
  redevelopment company which is a trust subject amounts to the trust, and
  no  redevelopment  company  shall  issue  bonds  or   income   debenture
  certificates  except for money or property actually received for the use
  and lawful purposes of the  redevelopment  company,  provided,  however,
  that  a  mutual  redevelopment  company may issue shares for home owners
  purchase notes if the purchase  transaction  has  received  the  written
  endorsement  of  the commissioner in accordance with supplementary rules
  and regulations of the commissioner made therefor and if  at  least  two
  hundred  dollars  in  money  or  property  is  received  by  such mutual
  redevelopment  company  toward  the  issuance  of  such  shares.     The
  consideration  for  all  capital, bonds or income debenture certificates
  based upon property received shall equal a  valuation  approved  by  the
  supervising  agency  and  such  a  valuation  shall be used in computing
  actual or estimated cost.