N.Y. Private Housing Finance Law § 308: Capital and shares

§ 308. Capital and shares. The total number of shares which the

corporation may issue is forty thousand, all without par value. The

consideration for which such shares may be issued is one hundred dollars

per share in cash. The capital of the corporation shall be at least

equal to the consideration received by the corporation from the issuance

of its shares plus such amounts as, from time to time, by resolution of

the board of directors may be transferred thereto. At least two and

one-half per centum of the authorized shares shall be issued and paid

for before the corporation shall be authorized to transact any business

other than such as relates to its organization.