New York § 308 Capital and shares

New York Statutes

§ 308 — Capital and shares

New York § 308

Law PVHPrivate Housing Finance

Art. 7Mortgage Facilities Corporation

This text of New York § 308 (Capital and shares) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Private Housing Finance § 308 (2026).

Text

  § 308. Capital and shares. The total number of shares which the\ncorporation may issue is forty thousand, all without par value. The\nconsideration for which such shares may be issued is one hundred dollars\nper share in cash. The capital of the corporation shall be at least\nequal to the consideration received by the corporation from the issuance\nof its shares plus such amounts as, from time to time, by resolution of\nthe board of directors may be transferred thereto. At least two and\none-half per centum of the authorized shares shall be issued and paid\nfor before the corporation shall be authorized to transact any business\nother than such as relates to its organization.\n

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§ 308. Capital and shares. The total number of shares which the\ncorporation may issue is forty thousand, all without par value. The\nconsideration for which such shares may be issued is one hundred dollars\nper share in cash. The capital of the corporation shall be at least\nequal to the consideration received by the corporation from the issuance\nof its shares plus such amounts as, from time to time, by resolution of\nthe board of directors may be transferred thereto. At least two and\none-half per centum of the authorized shares shall be issued and paid\nfor before the corporation shall be authorized to transact any business\nother than such as relates to its organization.\n