§ 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.