N.Y. NPC Law § 502

§ 502. Members' capital contributions.\n (a) The certificate of incorporation may provide that members, upon or\nsubsequent to admission, shall make capital contributions in the amount\nspecified therein. The requirement of a capital contribution may apply\nto all members, or to the members of a single class, or to members of\ndifferent classes in different amounts or proportions.\n (b) A member's capital contribution shall consist of money or other\nproperty, tangible or intangible, or labor or services actually received\nby or performed for the corporation or for its benefit or in its\nformation or reorganization, or a combination thereof. In the absence of\nfraud in the transaction, the judgment of the board as to the value of\nthe consideration received by the corporation shall be conclusive.\n (c) Neither obligations of the member for future payments nor future\nservices shall constitute payment or part payment of a member's capital\ncontribution.\n (d) A member's capital contribution shall be evidenced by a capital\ncertificate which shall be non-transferable, except that the certificate\nof incorporation of a non-charitable corporation may provide that its\ncapital certificates, or some of them, may be transferable to other\nmembers with the consent of the corporation upon specified terms and\nconditions.\n (e) A member's capital contribution shall not be repaid or redeemed by\nthe corporation except upon dissolution of the corporation or upon\nredemption of the capital certificate as provided in this chapter. A\ncorporation may provide in its certificate of incorporation that its\ncapital certificates, or some of them, shall be redeemable, in whole or\nin part, at the option of the corporation only, at such price or prices\n(not to exceed the amount of the capital contribution), within such\nperiod or periods, and on such terms and conditions, not inconsistent\nwith this chapter, as are stated in the certificate of incorporation.\n