Section 2532. New York city stabilization reserve corporation  


Latest version.
  • (a) There is
      hereby created the New York city stabilization reserve corporation.  The
      corporation  shall  be  a  corporate  governmental agency constituting a
      public benefit corporation. It shall have the powers and privileges of a
      corporation and all of its  business  shall  be  transacted,  all  funds
      invested,  all  warrants for money drawn and payments made, and all cash
      and securities and other personal  property  held  under  its  corporate
      name.
        (b) The corporation shall continue until all its liabilities have been
      met  or  otherwise  discharged  and  until its existence shall have been
      terminated by  law.  Upon  the  termination  of  the  existence  of  the
      corporation,  all of its rights and property shall pass to and be vested
      in the city.