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