N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 624: Termination of the corporation

§ 624. Termination of the corporation. The corporation and its

corporate existence shall continue until terminated by law; provided,

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

shall have bonds, notes or other obligations outstanding. Upon

termination of the existence of the corporation all of its rights,

property, assets and funds shall thereupon vest in and be possessed by

the state.