1694 - Termination of authority.

§  1694.  Termination of authority. 1. The authority shall continue to  operate  and  manage  each  such  dormitory  until  such  time  as   its  liabilities thereon have been met and the bonds outstanding against such  dormitory  have  been  paid  in  full  or such liabilities or bonds have  otherwise been discharged. Thereupon, the jurisdiction of the  authority  over  such  dormitory shall cease and all the real and personal property  and the title to all of the real and personal property of such dormitory  vested in the authority shall pass to the state  of  New  York  and  the  management and authority shall thereafter be under rules and regulations  of the commissioner of education approved by the regents.    2.  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 and  other  obligations  outstanding,  unless  adequate  provision  has been made for the payment  thereof. Upon termination of the existence of the authority, all of  its  rights and properties shall pass to and be vested in the state.