§ 19 — Consideration for issuance of stock, bonds or income debentures

New York § 19

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 2: Limited-profit Housing Companies

Text

§ 19. Consideration for issuance of stock, bonds or income debentures.\nNo company shall issue stock, bonds, or income debentures except for\nmoney or property actually received for the use and lawful purposes of\nthe company, provided, however, that a mutual company may issue stock\nfor home owners purchase notes if the purchase transaction has received\nthe written endorsement of the commissioner in accordance with\nsupplementary rules and regulations of the commissioner made therefor\nand if at least two hundred dollars in money or property is received by\nsuch company toward the issuance of such stock. No stock, bonds or\nincome debentures shall be issued for property except upon a valuation\napproved by the supervising agency or by the commissioner, as the case\nmay be, and such valuations shall be used in computing the estimated or\nactual project cost.\n