2016 New York Laws
BNK - Banking
Article 15 - General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies
Title 5 - (5001 - 5016) Corporate Finance
5004 - Consideration and payment for shares.

 5004. Consideration and payment for shares. 1. Consideration for the
  issue  of shares shall consist of money or (except as otherwise required
  by subdivision a of subdivision one of section four thousand four) other
  property tangible or intangible, or labor or services actually  received
  by  or  performed  for  the  corporation  or  for  its benefit or in its
  formation or reorganization, or a combination thereof. In the absence of
  fraud in the transaction, the judgment of the board or stockholders,  as
  the  case  may  be,  as  to  the value of the consideration received for
  shares shall be conclusive.
2. Neither obligations of  the  subscriber  for  future  payments  nor
  future services shall constitute payment or part payment for shares of a
  corporation.
3.  Shares may be issued for such consideration, not less than the par
  value thereof, as is fixed from time to time by the board.
4. Treasury shares may be disposed of by a corporation on  such  terms
  and conditions as are fixed from time to time by the board.
5.   Upon   distribution   of   authorized   but  unissued  shares  to
  stockholders, that part  of  the  undivided  profits  or  surplus  of  a
  corporation  which is concurrently transferred to capital stock shall be
  the consideration for the issue of such shares.
6. In the event of a conversion of capital notes, debentures or shares
  into shares, or in the event of an exchange of capital notes, debentures
  or shares for shares, the consideration for  the  shares  so  issued  in
  exchange  or conversion shall be the sum of (a) either the principal sum
  of, and  accrued  interest  on,  the  capital  notes  or  debentures  so
  exchanged  or  converted, or the par value of the shares so exchanged or
  converted, plus (b) any additional consideration paid to the corporation
  for  the  new  shares,  plus  (c)  any  undivided  profits  or   surplus
  transferred to capital stock in respect of the new shares.
7.  Certificates for shares may not be issued until the full amount of
  the consideration therefor has been paid.
8. When the consideration for  shares  has  been  paid  in  full,  the
  subscriber  shall  be  entitled  to  all  the rights and privileges of a
  holder of such shares and to a certificate representing his shares,  and
  such  shares  shall  be  fully paid and, subject to sections one hundred
  thirteen-a, one hundred thirteen-b, one hundred fourteen, three  hundred
  five, three hundred five-a, three hundred six, three hundred twenty-two,
  three  hundred  twenty-two-a  and  three  hundred  twenty-three  of this
  chapter, shall be nonassessable.