New York Laws
Article 4 - Limited Dividend Housing Companies
77 - Time of Payment of Subscription or Capital Contributions.

§ 77. Time of payment of subscription or capital contributions. 1.
Subscriptions to the shares or income debentures of a housing company
organized as a corporation shall be paid at such times and in such
installments as the board of directors and the commissioner may require.
If any default shall be made in the payment of any installment as so
required, the board of directors may enforce said subscription by
appropriate action and upon their failure so to do said subscription may
be enforced by the commissioner. At the option of the board of directors
with the consent of the commissioner, the board of directors may upon
such default declare the shares or income debentures and all previous
payments thereon forfeited, after the expiration of twenty days from the
service on the defaulting shareholder personally, or by mail directed to
him at his address as shown on the books of the housing company, of a
written notice requiring him to make payment within twenty days from the
service of the notice at a place specified therein and stating that, in
case of failure to do so, his shares or income debentures and all
previous payments thereon will be forfeited. Such shares or income
debentures if forfeited may be reissued or reoffered for subscription.
If a receiver of the housing company has been appointed, all unpaid
subscriptions shall be paid at such times and in such installments as
such receiver or the court may direct.

2. Capital contributions to a housing company organized as a
partnership (general or limited) or a trust shall be paid at such times
and in such installments as shall be provided by the partnership
agreement or trust agreement. Such partnership agreement or trust
agreement shall contain provisions for enforcement of the terms and
conditions thereof by the partners or trustees, or upon their failure to
do so, by the commissioner, if any payment so required shall not be
made. If a receiver of the housing company has been appointed, all
unpaid capital contributions shall be paid at such times and in such
installments as such receiver or the court may direct.