§ 3233. New York local government assistance corporation. 1. There is
hereby created the New York local government assistance 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.

2. The corporation shall continue until six months after all its
liabilities have been met or otherwise discharged. Upon the termination
of the existence of the corporation, all of its rights and property
shall pass to and be vested in the state.