N.Y. Banking Law § 5015
Current through 2024 NY Law Chapter 553
No corporation shall issue capital notes or debentures except for money or other property, tangible or intangible, or labor or services actually received by or performed for the corporation or for its benefit or in its formation or reorganization, or a combination thereof. In the absence of fraud in the transaction, the judgment of the board as to the value of the consideration received shall be conclusive.
N.Y. Banking Law § 5015