Search OpenLegislation Statutes

This entry was published on 2014-09-22
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Powers and duties of trustee or trustees
§ 490-e. Powers and duties of trustee or trustees. It shall be the
duty of the corporate trustee or the board of trustees, as the case may
be, to collect the initial contribution to the fund, to call for, and to
collect by legal proceedings if necessary, such subsequent contributions
as become payable under the terms of the agreement, and to administer
the fund so created in accordance with the terms of the agreement. Such
part of the fund as is not required to be kept on hand or in bank for
the purpose of meeting and satisfying demands made by the superintendent
pursuant to the next succeeding section, may be invested in obligations
of the United States and of the state of New York, and of any county or
municipality of the state of New York.