2016 New York Laws
PVH - Private Housing Finance
Article 2 - (Private Housing Finance) LIMITED-PROFIT HOUSING COMPANIES
19 - Consideration for issuance of stock, bonds or income debentures.

 19. Consideration for issuance of stock, bonds or income debentures.
  No  company  shall  issue  stock, bonds, or income debentures except for
  money or property actually received for the use and lawful  purposes  of
  the  company,  provided,  however, that a mutual company may issue stock
  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 company toward the issuance of  such  stock.  No  stock,  bonds  or
  income  debentures  shall be issued for property except upon a valuation
  approved by the supervising agency or by the commissioner, as  the  case
  may  be, and such valuations shall be used in computing the estimated or
  actual project cost.