§ 2532. New York city stabilization reserve corporation. (a) There is
hereby created the New York city stabilization reserve corporation. The
corporation shall be a corporate governmental agency constituting a
public benefit corporation. It shall have the powers and privileges of a
corporation and all of its business shall be transacted, all funds
invested, all warrants for money drawn and payments made, and all cash
and securities and other personal property held under its corporate
name.

(b) The corporation shall continue until all its liabilities have been
met or otherwise discharged and until its existence shall have been
terminated by law. Upon the termination of the existence of the
corporation, all of its rights and property shall pass to and be vested
in the city.