N.Y. Public Authorities Law § 2532: New York city stabilization reserve corporation

§ 2532. New York city stabilization reserve corporation. (a) There is

hereby created the New York city stabilization reserve corporation. The

corporation shall be a corporate governmental agency constituting a

public benefit corporation. It shall have the powers and privileges of a

corporation and all of its business shall be transacted, all funds

invested, all warrants for money drawn and payments made, and all cash

and securities and other personal property held under its corporate

name.

(b) The corporation shall continue until all its liabilities have been

met or otherwise discharged and until its existence shall have been

terminated by law. Upon the termination of the existence of the

corporation, all of its rights and property shall pass to and be vested

in the city.