§ 2865 — Voluntary dissolution

§ 2865. Voluntary dissolution. 1. At any time after the expiration of\ntwenty years after the occupancy date, or such earlier date as the bonds\nissued by the New York state housing finance agency or the New York\nstate medical care facilities finance agency, as the case may be, with\nrespect to the project are subject to redemption, a company may be\nvoluntarily dissolved, with the consent of the commissioner, upon\nrepayment in full of all obligations under the mortgage and payment of\nall obligations of the company, as approved by the commissioner.\n 2. Upon such dissolution, title of the project of a limited-profit\nnursing home company may be conveyed in fee to the owner or owners of\nits shares or to any other entity authorized by law designated by it or\nthem for the purpose, provided, however, that prior to any such\ndissolution and conveyance, payment shall be made of all current\noperating expenses, taxes, indebtedness and all accrued interest thereon\nand the par value of and accrued dividends on the outstanding shares of\nsuch company, if any. After such dissolution and conveyance, or such\nreconstitution, the provisions of this article shall become and be\ninapplicable to any such project and any tax exemption granted with\nrespect to such project pursuant to this article shall cease and\nterminate.\n