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This entry was published on 2014-09-22
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General powers of the fund
§ 420-c. General powers of the fund. Except as otherwise limited by
this article, the fund shall have power:

1. To sue and be sued;

2. To have a seal and alter the same at pleasure;

3. To borrow money and issue negotiable notes, bonds or other
obligations and to provide for the rights of the holders thereof;

4. To invest any funds held in reserve or sinking funds, or any monies
not required for immediate use or disbursement, at the discretion of the
fund, in obligations of the state or the United States government or
obligations the principal and interest of which are guaranteed by the
state or the United States government;

5. Subject to the approval of the superintendent of financial
services, to establish rules and regulations governing the exercise of
its powers and the fulfillment of its purposes under this article;

6. To enter into contracts and leases and to execute all instruments
necessary or convenient;

7. To acquire, hold and dispose of real or personal property in the
exercise of its powers;

8. To appoint such officers and employees as it may require for the
performance of its duties, and to fix and determine their
qualifications, duties, and compensation and to retain or employ
auditors, engineers and private consultants on a contract basis or
otherwise for rendering professional or technical services and advice,
and with the approval of the attorney general of the state of New York,
to retain or employ counsel;

9. To conduct investigations and hearings in the furtherance of its
general purposes, and in aid thereof have access to any books, records
or papers relevant thereto; and if any person whose testimony shall be
required for the proper performance of the duties of the fund shall fail
or refuse to aid or assist the fund in the conduct of any investigation
or hearing, or to produce any relevant books, records or other papers,
the fund is authorized to apply for process of subpoena, to issue out of
any court of general original jurisdiction whose process can reach such
person, upon due cause shown;

10. In the performance of the fund's duties, to utilize the services
of employees of the department of financial services, reimbursing the
department of financial services for such services and expenses therein;

11. To do all things necessary, convenient or desirable to carry out
its purposes and for the exercise of the powers granted in this article.