ยง 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 state.
Structure New York Laws
PML - Racing, Pari-Mutuel Wagering and Breeding Law
Article 6 - New York City Off-Track Betting Corporation
601 - Declaration of Policy and Statement of Purposes.
603 - New York City Off-Track Betting Corporation.
604 - Powers of the Corporation.
605 - Policing of Off-Track Betting.
606 - Personnel Administration; Pension, Retirement and Other Benefits.
609 - Contracts of Corporation.
609-A - Capital Acquisition Fund.
611 - Issuance of Bonds and Notes by Corporation.
614 - State and City Not Liable on Bonds and Notes.
616 - Remedies of Holders of Bonds and Notes.
617 - Exemption From Taxation.
618 - Notice of Claim; Action Against Corporation.
619 - Civil Actions Against Employees of the Corporation.
620 - Bonds and Notes as Legal Investments.
621 - Annual and Special Reports.