§ 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.
Termination of the corporation
N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 624, under New York City Off-track Betting Corporation.
N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 624