67 - Dissolution. - New York Statutes

§ 67. Dissolution. The Utica transit authority may apply to the supreme court in any county within the Utica transit authority's jurisdiction for an order dissolving such authority. The court thereupon shall hold a hearing in open court after such notice of hearing as the court may require. Upon a showing to the satisfaction of the court that provision has been made for the payment or satisfaction of all of the outstanding obligations of the Utica transit authority and for the necessary expenses for the liquidation thereof, the court may order that the Utica transit authority be dissolved. The court shall also provide for disposition of the property of the Utica transit authority.