Statute · New York Public Authorities Law
N.Y. Pub. Auth. Law § 1869 — Termination of the authority
N.Y. Pub. Auth. Law § 1869
- Type
- Statute
- Source
- New York Public Authorities Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 1869. Termination of the authority. The authority and its corporate existence shall continue until terminated by law, provided, however, that no such law shall take effect so long as the authority shall have bonds, notes or other obligations outstanding. Upon termination of the existence of…
Citator
N.Y. Pub. Auth. Law § 1869 — Termination of the authority is in force in the current edition of the Code, and nothing recorded condemns it.
§ 1869. Termination of the authority. The authority and its corporate existence shall continue until terminated by law, provided, however, that no such law shall take effect so long as the authority shall have bonds, notes or other obligations outstanding. Upon termination of the existence of the authority all its rights, property, assets and funds shall pass to and be vested in the state. For the purposes of this section, any appropriation or advance made to the authority by the state, which has not been repaid, shall not be deemed to be an outstanding obligation of the authority.