Education Law § 686 · Part 4. Miscellaneous Provisions
Dissolution of corporation
Text — Law content up to date as of October 2, 2026, as published by the New York State Senate (Open Legislation)
§ 686. Dissolution of corporation. The corporation and its corporate existence shall continue until terminated by law upon a finding that there no longer exists any need for such a corporation; provided, however, that no such law shall take effect so long as the corporation shall have notes or other obligations outstanding. For the purpose of this section, any appropriation or advance made to the corporation by the state, which has not been repaid, shall not be deemed to be an outstanding obligation of the corporation. Upon the dissolution of the corporation or the cession of its activities all the property and moneys of such corporation shall be disposed of in a manner provided by such law.
Source of truth
- Edition
- Law content up to date as of October 2, 2026, as published by the New York State Senate (Open Legislation)
- Official file
- https://legislation.nysenate.gov/pdf/laws/EDN686
- Text hash
- sha256 13a254ef8196fcded64b2bc6484ff1c64a46fc4df96b51858a6aa9d048412163
- Composed by
- gen_ny_statutes.py 2026-11-10: the Senate's Open Legislation law tree (GET /api/3/laws/<ID>?full=true) read in document order; the Senate's PDF of the whole law (GET /pdf/laws/<ID>?full=true), read with PDFium, prints the same words in the same order
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.