N.Y. Public Authorities Law § 1694: Termination of authority

§ 1694. Termination of authority. 1. The authority shall continue to

operate and manage each such dormitory until such time as its

liabilities thereon have been met and the bonds outstanding against such

dormitory have been paid in full or such liabilities or bonds have

otherwise been discharged. Thereupon, the jurisdiction of the authority

over such dormitory shall cease and all the real and personal property

and the title to all of the real and personal property of such dormitory

vested in the authority shall pass to the state of New York and the

management and authority shall thereafter be under rules and regulations

of the commissioner of education approved by the regents.

2. The authority and its corporate existence shall continue until

terminated by law, provided, however, that no such law shall take effect

so long as the authority shall have bonds, notes and other obligations

outstanding, unless adequate provision has been made for the payment

thereof. Upon termination of the existence of the authority, all of its

rights and properties shall pass to and be vested in the state.