N.Y. Education Law § 686: Dissolution of corporation

§ 686. Dissolution of corporation. The corporation and its corporate

existence shall continue until terminated by law upon a finding that

there no longer exists any need for such a corporation; provided,

however, that no such law shall take effect so long as the corporation

shall have notes or other obligations outstanding. For the purpose of

this section, any appropriation or advance made to the corporation by

the state, which has not been repaid, shall not be deemed to be an

outstanding obligation of the corporation. Upon the dissolution of the

corporation or the cession of its activities all the property and moneys

of such corporation shall be disposed of in a manner provided by such

law.