New York § 109 - 109Minimum amount of capital and debentures
Full text of New York New York Consolidated Laws § 109 — 109Minimum amount of capital and debentures, with citation guidance and answers to common questions.
§ 109. 109Minimum amount of capital and debentures
§ 109. Minimum amount of capital and debentures. Except as provided in this section the capital of a redevelopment company together with any income debentures shall in no event be less than the total of ten per centum of the actual cost of any project or projects undertaken pursuant to this article. The supervising agency may permit capital to be increased or income debenture certificates to be issued for working capital to be used in connection with such project to an amount not exceeding three per centum of the estimated cost, or three per centum of the total actual final cost, if that should exceed the estimated cost of a project. The provisions of this section shall not be applicable to any redevelopment company if funds made available by the federal government or any instrumentality thereof, or any mortgage or mortgage bonds insured by the federal housing administrator or any other instrumentality of the federal government are used in financing the project in whole or in part.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 109
What does New York Consolidated Laws § 109 cover?
Section 109 ("109Minimum amount of capital and debentures") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 109?
A common citation format is "New York Consolidated Laws § 109" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 109 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.