1. The Laws of New York
  2. Unconsolidated Laws
  3. New York City health and hospitals corporation act 1016/69

Section 11 Moneys of the corporation

New York City health and hospitals corporation act 1016/69 (HHC)

1. Any moneys of the corporation, from whatever source derived, shall, except as otherwise provided in this act, be deposited as soon as practicable in banks or trust companies organized under the laws of the state or national banking association doing business in the city designated by the board. The said moneys of the corporation shall be paid out on checks signed by the chairman of the board or by such other person or persons as the board shall authorize. All deposits of such moneys shall, if required by the board, be secured by obligations of the United States or of the state or of the city of a market value equal at all times to the amount of the deposits and all banks and trust companies are authorized to give such security for such deposits.

  2. Subject to the terms of any contract, lease or other agreement undertaken by the corporation, any such moneys of the corporation not required for immediate use may, at the discretion of the board, be invested by the corporation in obligations of the United States, the state or the city or in obligations the principal and interest of which are guaranteed by the United States, the state or the city.

  3. The comptroller, or his legally authorized representative, is hereby authorized to and shall examine annually the accounts and books of the corporation including its receipts, disbursements, contracts, reserves, sinking funds, investments and any other matters relating to its financial operation and standing.