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This entry was published on 2014-09-22
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Termination of the authority
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 8, TITLE 9
§ 1869. Termination of the authority. The authority and its corporate
existence shall continue until terminated by law, provided, however,
that no such law shall take effect so long as the authority shall have
bonds, notes or other obligations outstanding. Upon termination of the
existence of the authority all its rights, property, assets and funds
shall pass to and be vested in the state. For the purposes of this
section, any appropriation or advance made to the authority by the
state, which has not been repaid, shall not be deemed to be an
outstanding obligation of the authority.