§ 155-6. Contents of certificate of incorporation.

In addition to the requirements set forth in § 402 of the New York Not-For-Profit Corporation Law for certificates of incorporation, the certificate of incorporation of the SCLDC shall state:

A. 

That all income and earnings of the SCLDC shall be used exclusively for its corporate purposes or accrue and be paid to the New York Job Development Authority;

B. 

That no part of the income or earnings of the SCLDC shall inure to the benefit or profit of, nor shall any distribution of its property or assets be made to, any member or private person, corporate or individual, or any other private interest, except that the certificate of incorporation may authorize the repayment of loans and may also authorize the repayment of contributions (other than dues) to the SCLDC, but only if and to the extent that any such contribution may not be allowable as a deduction in computing taxable income under the Internal Revenue Code of 1954; and

C. 

That if the SCLDC accepts a mortgage loan or loans from the New York Job Development Authority, the SCLDC shall be dissolved in accordance with the provisions of the New York Not-For-Profit Corporation Law § 1411, Subdivision (g), upon the repayment or other discharge in full by the SCLDC of all such loans.