N.Y. Public Health Law § 2865: Voluntary dissolution

§ 2865. Voluntary dissolution. 1. At any time after the expiration of

twenty years after the occupancy date, or such earlier date as the bonds

issued by the New York state housing finance agency or the New York

state medical care facilities finance agency, as the case may be, with

respect to the project are subject to redemption, a company may be

voluntarily dissolved, with the consent of the commissioner, upon

repayment in full of all obligations under the mortgage and payment of

all obligations of the company, as approved by the commissioner.

2. Upon such dissolution, title of the project of a limited-profit

nursing home company may be conveyed in fee to the owner or owners of

its shares or to any other entity authorized by law designated by it or

them for the purpose, provided, however, that prior to any such

dissolution and conveyance, payment shall be made of all current

operating expenses, taxes, indebtedness and all accrued interest thereon

and the par value of and accrued dividends on the outstanding shares of

such company, if any. After such dissolution and conveyance, or such

reconstitution, the provisions of this article shall become and be

inapplicable to any such project and any tax exemption granted with

respect to such project pursuant to this article shall cease and

terminate.