New York Termination Of The Corporation

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    §  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 city.