New York § 686 Dissolution of corporation

New York Statutes

§ 686 — Dissolution of corporation

New York § 686

JurisdictionNew York

Law EDNEducation

Title 1General Provisions Article 1 Short Title and Definitions (§§

Part 4Miscellaneous Provisions

Art. 14New York State Higher Education Services Corporation

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Bluebook

N.Y. Education § 686 (2026).

Text

  § 686. Dissolution of corporation.  The corporation and its corporate\nexistence shall continue until terminated by law upon a finding that\nthere no longer exists any need for such a corporation; provided,\nhowever, that no such law shall take effect so long as the corporation\nshall have notes or other obligations outstanding.  For the purpose of\nthis section, any appropriation or advance made to the corporation by\nthe state, which has not been repaid, shall not be deemed to be an\noutstanding obligation of the corporation.  Upon the dissolution of the\ncorporation or the cession of its activities all the property and moneys\nof such corporation shall be disposed of in a manner provided by such\nlaw.\n

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§ 686. Dissolution of corporation. The corporation and its corporate\nexistence shall continue until terminated by law upon a finding that\nthere no longer exists any need for such a corporation; provided,\nhowever, that no such law shall take effect so long as the corporation\nshall have notes or other obligations outstanding. For the purpose of\nthis section, any appropriation or advance made to the corporation by\nthe state, which has not been repaid, shall not be deemed to be an\noutstanding obligation of the corporation. Upon the dissolution of the\ncorporation or the cession of its activities all the property and moneys\nof such corporation shall be disposed of in a manner provided by such\nlaw.\n