2006 New York Code - Delegation Of Investing Powers To Comptroller.

 
    §   13-702   Delegation   of   investing  powers  to  comptroller.  a.
  Notwithstanding any provisions of the code  or  any  other  law  to  the
  contrary,  the trustee, trustees, or other officer, board or body having
  the power to invest the funds of a pension  fund  or  retirement  system
  maintained,  administered,  or supported by the city or an agency, or by
  city funds may delegate such power either in its entirety  or  with  any
  limitations including limitations with respect to the type and amount of
  investments,  to  the  comptroller. Such delegation shall be in writing,
  and shall be filed in the office of  such  trustee,  trustees,  officer,
  board  or  body  making  such  delegation,  and  in  the  office  of the
  comptroller. Every such delegation  shall  be  effective  for  a  period
  specified  therein,  not  to  exceed  one  year, and shall automatically
  terminate and expire at the end of such specific period. Renewals or new
  delegations may be granted for additional periods in the same manner  as
  herein  provided  for original delegations, but each such renewal or new
  delegation shall be effective for a specified period, not to exceed  one
  year.  Upon  the  filing of such delegation or renewal thereof as herein
  prescribed  the  comptroller  shall,  subject  to  the  terms  of   such
  delegation, have the power:
    1.  To make any investment which the trustee, trustees, officer, board
  or body delegating such power is or are authorized by law to make;
    2.  To  hold,  sell,  assign,  transfer  or  dispose  of  any  of  the
  properties,  securities or investments in which any of the funds of said
  fund or system shall have been invested, including the proceeds of  such
  investments  and  any  moneys  belonging  to  such funds, subject to the
  terms, conditions, limitations and restrictions imposed by law upon such
  trustee, trustees, officer, board or body delegating such power; and
    3. In his or her name as agent of  such  trustee,  trustees,  officer,
  board  or  body  making  such  delegation and of such fund or system, to
  foreclose mortgages upon default or to take title to  real  property  in
  such  proceedings  in lieu thereof or to lease and sell such property so
  acquired.
    b. The comptroller shall exercise any power delegated pursuant to this
  section until the expiration date specified in such  delegation  or  any
  renewal  thereof  unless  the trustee, trustees, officer, board, or body
  making such delegation shall sooner elect  to  reassume  such  power  by
  filing  a  written  revocation  of  the delegation in the office of such
  trustee, trustees, officer, board or body  and  in  the  office  of  the
  comptroller.
    c.   Notwithstanding   any   other  provision  of  this  section,  the
  termination, expiration or revocation of  any  delegation  of  power  or
  renewal  thereof,  as  herein  provided,  shall  not  affect any binding
  commitment  previously  made  by  the  comptroller  pursuant   to   such
  delegation  and  the comptroller shall have the power to fully discharge
  any such binding commitment according to its terms.