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 Jun. 8, 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
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

Accessed:
Jun. 8, 2024

Last modified:
Sep. 22, 2014

§ 220’s source at nysenate​.gov

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