N.Y. Priv. Hous. Fin. Law § 19
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.
N.Y. Priv. Hous. Fin. Law § 19