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This entry was published on 2014-09-22
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SECTION 28
Monies of the corporation
Urban Development Corporation Act 174/68 (UDA) CHAPTER INTRO
§ 28. Monies of the corporation. (1) All monies of the corporation,
except as otherwise authorized or provided in this act, shall be paid to
the commissioner of taxation and finance as agent of the corporation,
who shall not commingle such monies with any other monies. Such monies
shall be deposited in a separate bank account or accounts. The monies in
such accounts shall be paid out on checks signed by the commissioner of
taxation and finance on requisition of the chairman of the corporation
or of such other officer or employee or officers or employees as the
corporation shall authorize to make such requisition. All deposits of
such monies shall, if required by the commissioner of taxation and
finance or the corporation, be secured by obligations of the United
States or of the state of a market value equal at all times to the
amount of the deposit, and all banks and trust companies are authorized
to give such security for such deposits.

Notwithstanding the provisions of this section, the corporation shall
have power to contract with the holders of any of its notes or bonds, as
to the custody, collection, securing, investment, and payment of any
monies of the corporation, of any monies held in trust or otherwise for
the payment of notes or bonds, and to carry out such contract. Monies
held in trust or otherwise for the payment of notes or bonds or in any
way to secure notes or bonds and deposits of such monies may be secured
in the same manner as monies of the corporation, and all banks and trust
companies are authorized to give such security for such deposits.

(2) Subject to agreements with noteholders and bondholders and the
approval of the comptroller, the corporation shall prescribe a system of
accounts.

(3) The comptroller, or his legally authorized representative, is
hereby authorized and empowered from time to time to examine the books
and accounts of the corporation including its receipts, disbursements,
contracts, reserve funds, sinking funds, investments, and any other
matters relating to its financial standing. Such an examination shall be
conducted by the comptroller at least once in every five years; the
comptroller is authorized, however, to accept from the corporation, in
lieu of such an examination, an external examination of its books and
accounts made at the request of the corporation.

(4) The corporation shall submit to the governor, chairman of the
senate finance committee, chairman of the assembly ways and means
committee and the comptroller, within thirty days of the receipt thereof
by the corporation, a copy of the report of every external examination
of the books and accounts of the corporation other than copies of the
reports of such examinations made by the comptroller.