2006 New York Code - Trustees Of Funds; Investments.

 
    § 13-534 Trustees of funds; investments. The members of the retirement
  board  shall  be  the trustees of the several funds provided for by this
  chapter, and shall have exclusive control and management of such  funds,
  and  shall  have  full  power  to invest the same, subject to the terms,
  conditions, limitations, and restrictions imposed by  law  upon  savings
  banks  in the making and disposing of investments by savings banks; and,
  subject to like terms, conditions, limitations, and  restrictions,  such
  trustees  shall  have  full  power  to  hold,  purchase,  sell,  assign,
  transfer, or dispose of any of the securities and investments  in  which
  any  of  the funds provided for by this chapter shall have been invested
  as well as of the proceeds  of  such  investments,  and  of  any  moneys
  belonging to such funds.