N.Y. Educ. Law § 686

§ 686. Dissolution of corporation. The corporation and its corporate\nexistence shall continue until terminated by law upon a finding that\nthere no longer exists any need for such a corporation; provided,\nhowever, that no such law shall take effect so long as the corporation\nshall have notes or other obligations outstanding. For the purpose of\nthis section, any appropriation or advance made to the corporation by\nthe state, which has not been repaid, shall not be deemed to be an\noutstanding obligation of the corporation. Upon the dissolution of the\ncorporation or the cession of its activities all the property and moneys\nof such corporation shall be disposed of in a manner provided by such\nlaw.\n