N.Y.C. Admin. Code § 3-1104: § 3-1104. Dissolution of the legal defense trust.

a. The legal defense trust shall be terminated within 90 days of the date the last expenditure is made in relation to the governmental administrative, criminal or civil investigations, audits or actions, for which the trust is established.

b. Funds remaining in the legal defense trust account following payment of all attorney's fees and other related legal costs for which the trust was established shall be distributed in the following manner:

(1) returned to the donors on a last in, first out basis or in accordance with another reasonable method as determined by the trustee(s); or

(2) transferred to a charitable organization having tax exempt status under section 501(c)(3) of the internal revenue code, as determined by the trustee(s), or to the general fund of the city of New York; provided, however, that such funds shall not be transferred to an organization with which the trustee or a beneficiary is associated.

(L.L. 2019/048, 2/24/2019, eff. 2/24/2019)