ยง 1715. Retransfer  of academy to its former trustees.  If there shall
  be, in a dissolved union free school district, an  academy  which  shall
  have  been  adopted  as the academic department of the union free school
  district, under the provisions  of  title  nine,  chapter  five  hundred
  fifty-five of the laws of eighteen hundred sixty-four, and any amendment
  thereof, or title eight of chapter five hundred fifty-six of the laws of
  eighteen  hundred  ninety-four, and any amendment thereof, or under this
  chapter, it shall, upon the application of a majority of  the  surviving
  resident former trustees or stockholders, be transferred by the board of
  education to said former trustees or stockholders.
Structure New York Laws
Title 2 - School District Organization
Article 35 - Union Free School Districts
1701 - Boards of Education Corporate Bodies.
1702 - Board of Education; Election; Terms of Office.
1703 - Change in Number of Members of Board of Education.
1704 - Length of School Year, and Expenditure of Funds.
1705 - Annexing Territory to a Union Free School District.
1706 - Power of Removal of Member of Board of Education.
1707 - Annual Organizational Meetings of Boards of Education.
1708 - Regular Meetings; Visitation of Schools.
1709 - Powers and Duties of Boards of Education.
1709-A - Powers of Boards of Education to Ban Fraternities, Sororities and Other Secret Societies.
1710 - Boards of Education Have Powers of Trustees of Common Schools and Trustees of Academies.
1711 - Appointment of Superintendent of Schools.
1712 - Kindergartens; Nursery and Night Schools.
1713 - Academy May Be Adopted as Academic Department.
1714 - Contracts With Academies.
1715 - Retransfer of Academy to Its Former Trustees.
1716 - Estimated Expenses for Ensuing Year.
1717 - Corporate Authorities Must Raise Tax Certified by Board of Education.
1718 - Limitation Upon Expenditures.
1719 - Deposit, Custody and Payment of Moneys in Villages.
1720 - Moneys and Accounts in Union Free School Districts.
1722 - Application of Article.
1723-A - Temporary Investment of School Moneys.
1724 - Form and Audit of Claims.
1725 - Lease of Personal Property.
1725-A - Powers of Boards of Education; Instructional Equipment.