§ 3635. State and county not liable on corporation bonds. 1. The state shall not be liable on the bonds or notes of the corporation, and such bonds or notes shall not be a debt of the state, and such bonds and notes shall contain on the face thereof a statement to such effect.

Terms Used In N.Y. Public Authorities Law 3635

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.

2. Except as may be authorized by the county pursuant to section seven of article seventeen of the state constitution and section thirty-six hundred thirty-two of this title, the county shall not be liable on the bonds or notes of the corporation, and such bonds or notes shall not be a debt of the county, and such bonds and notes shall contain on the face thereof a statement to such effect or a statement describing the county liability thereon, if any.

  Previous section
Next section  
 Title 6 Contents