N.Y. Education Law Section 220
Distribution of assets

1.

Whenever the regents have revoked the charter of any educational corporation or dissolved such corporation pursuant to § 219 (Change of name or charter)section two hundred nineteen of this chapter or whenever a provisional charter has expired, if the corporation has assets the board of trustees shall, within three months after such revocation, dissolution or expiration, petition the supreme court in the judicial district where the principal office of the corporation is or was located for an order directing the disposition of any and all property belonging to the corporation. Such petition shall be duly verified and shall set forth a complete statement of all the assets, together with their location and an estimate of their value, and also a statement of the ascertainable debts of the corporation.

2.

Such petition shall be accompanied by proof that notice of the time and place of such intended application to said court has been duly published once in each week for at least four weeks successively, next preceding such application, in a newspaper circulated in the county where such corporation is located.

3.

A copy of such petition shall be served upon the regents and the attorney general not less than ten days prior to such application.

4.

The court shall direct the sale of sufficient designated assets to pay any outstanding debts and the cost of dissolution. The regents and the board of trustees may present to the court their recommendation as to the disposition of the remaining property of the corporation if there be library books, objects of art or of historical significance, as far as possible they shall not be sold but shall be transferred to libraries, museums or educational institutions willing to accept them. If a charter contains a provision indicating a proposed disposition of the assets in case of dissolution, such provision shall be followed by the court in its order as far as practicable. If there be any surplus moneys after payment of debts and the expenses of liquidation, the court may direct that the same be devoted and applied to any such educational, religious, benevolent, charitable or other objects or purposes as the said trustees may indicate by their petition and the said court may approve.

5.

Upon the revocation of the charter of an educational corporation or its dissolution, the trustees of such corporation shall be empowered to continue in office for the purpose of settlement of the affairs of the corporation.

Source: Section 220 — Distribution of assets, https://www.­nysenate.­gov/legislation/laws/EDN/220 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

201
Corporate name and objects 202
Regents 203
Officers 204
Meetings and absences 205
Quorum 206
Authority to take testimony and conduct hearings 207
Legislative power 207‑A
Disclosure of gifts made to institutions of higher education by foreign governments, persons and entities 207‑B
Crisis resources 208
General examinations, credentials and degrees 208‑A
Scheduling of examinations 209
Academic examinations 209‑A
Applications for admission to college 210
Registrations 210‑A
Admission requirements for graduate-level teacher and educational leader programs 210‑B
Graduate-level teacher and educational leadership program deregistration and suspension 210‑C
Interstate reciprocity agreement for post-secondary distance education programs 211
Review of regents learning standards 211‑A
Enhanced state accountability system 211‑B
Consequences for consistent lack of improvement in academic performance 211‑C
Distinguished educators 211‑D
Contract for excellence 211‑E
Educational partnership organizations 211‑F
Takeover and restructuring failing schools 212
Fees 212‑A
Return of deposits for professional and graduate schools 212‑B
Return of tuition for colleges, universities, professional, proprietary and graduate schools 212‑C
Teacher accreditation review fees 213
Extension of educational facilities 213‑B
Unlawful sale of dissertations, theses and term papers 214
Institutions in the university 215
Visitation and reports 215‑A
Annual report by regents to governor and legislature 215‑B
Annual report by commissioner to governor and legislature 215‑C
Promoting cost-effectiveness in public elementary and secondary schools 215‑D
State university of New York report on economic development activities 216
Charters 216‑A
Applicability of not-for-profit corporation law 216‑B
Private foundations, as defined in the United States internal revenue code of 1954: provisions included in the charter 216‑C
Special provisions for cutlery and knife museums that exhibit automatic knives 217
Provisional charters 218
Conditions of incorporation 219
Change of name or charter 220
Distribution of assets 221
Dissolution of educational institution by stockholders 222
Suspension of operations 223
Consolidation or merger of corporations 224
Prohibitions 224‑A
Students unable because of religious beliefs to register or attend classes on certain days 225
Unlawful acts in respect to examinations and records 226
Powers of trustees of institutions 227
Colleges may construct water-works and sewer systems 228
The Hamilton college sewer district 229
County educational institutions 230
Municipal training institute 231
Town and county officers training school 232
Departments and their government 233
State Museum 233‑A
Property of the state museum 233‑AA
Property of other museums 233‑B
New York state freedom trail commission 233‑C
Study 234
Indian collection 235
State science service 235‑A
New York state biodiversity research institute 235‑B
New York state biological survey 236
Public television and radio 237
Regents plan for higher education including approved plans of state university and city university of New York and plans of independent i... 238
Chair on geriatrics in the state university 238‑A
Statewide resource centers for geriatric education 239
Albert Einstein chairs in science and Albert Schweitzer chairs in the humanities 239‑A
Collection and distribution of student’s residual consumer goods 239‑B
Research dogs and cats
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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 220’s source at nysenate​.gov

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