N.Y. Private Housing Finance Law § 308

§ 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