2006 New York Code - Voluntary Dissolution.

 
    §  2865. Voluntary dissolution. 1. At any time after the expiration of
  twenty years after the occupancy date, or such earlier date as the bonds
  issued by the New York state housing finance  agency  or  the  New  York
  state  medical  care facilities finance agency, as the case may be, with
  respect to the project are subject  to  redemption,  a  company  may  be
  voluntarily  dissolved,  with  the  consent  of  the  commissioner, upon
  repayment in full of all obligations under the mortgage and  payment  of
  all obligations of the company, as approved by the commissioner.
    2.  Upon  such  dissolution,  title of the project of a limited-profit
  nursing home company may be conveyed in fee to the owner  or  owners  of
  its  shares or to any other entity authorized by law designated by it or
  them for  the  purpose,  provided,  however,  that  prior  to  any  such
  dissolution  and  conveyance,  payment  shall  be  made  of  all current
  operating expenses, taxes, indebtedness and all accrued interest thereon
  and the par value of and accrued dividends on the outstanding shares  of
  such  company,  if  any.  After such dissolution and conveyance, or such
  reconstitution, the provisions of  this  article  shall  become  and  be
  inapplicable  to  any  such  project  and any tax exemption granted with
  respect to such  project  pursuant  to  this  article  shall  cease  and
  terminate.