2022 New York Laws
EDN - Education
Title 1 - General Provisions
Article 8 - State University and State Financial Assistance for Higher Education
355-B - Investments in Designated Obligations; Indemnifications.

§ 355-b. Investments  in designated obligations; indemnifications.  1.
  It is hereby found and declared that obligations of  the  state  of  New
  York,  the  New  York  state  housing  finance  agency and the dormitory
  authority of the state of New York are reasonable, prudent,  proper  and
  legal  investments  in  which  all  gifts,  grants, bequests and devises
  administered as endowments by  the  state  university  trustees  may  be
  invested by such trustees or any officer, employee or fiduciary thereof.
  For  the  purposes  of  this  section  such  gifts, grants, bequests and
  devises shall be referred to as endowment funds.
2. Notwithstanding any  inconsistent  provisions  of  law,  the  state
  university  trustees  may,  in  their  discretion,  purchase obligations
  designated and  found  to  be  reasonable,  prudent,  proper  and  legal
  investments  in subdivision one of this section for such endowment funds
  without regard to the percentage of the assets of such  endowment  funds
  invested  in  such  obligations  and without regard to the percentage of
  outstanding obligations of each issuer held or to be held by such funds.
  The state  university  trustees  in  determining  investments  for  such
  endowment  funds  in  such  obligations may consider, in addition to the
  appropriate  factors  recognized  by  law,  the  extent  to  which  such
  investments will maintain the credit worthiness of the state of New York
  and  the  public  benefit  corporations identified in subdivision one of
  this section so as to enable the state and such corporations to  finance
  the  construction  of  capital  facilities heretofore and hereafter duly
  authorized for the state university.
3.  Notwithstanding  any  other  provisions  of  law,  including   the
  provisions  of  section  seventeen of the public officers law, the state
  shall save harmless and  indemnify  each  and  every  trustee,  officer,
  employee  or  fiduciary with responsibility for the custody of endowment
  funds or the  assets  thereof  or  for  the  approval  of  the  sale  or
  investment  of  the  assets  of such endowment funds, and any investment
  adviser, attorney or accountant who shall have been employed by  or  who
  have  advised  such trustee, officer, employee or fiduciary, from any or
  all financial loss arising out of  or  in  connection  with  any  claim,
  demand,  suit,  action,  proceeding  or judgment for alleged negligence,
  waste or breach of fiduciary duty by reason of  any  investment  by  any
  endowment funds in any obligations designated in subdivision one of this
  section,  or resulting from the sale of any assets of any endowment fund
  to obtain sufficient revenues to make such  investments,  provided  that
  such trustee, officer, employee, fiduciary, investment adviser, attorney
  or  accountant  shall,  within  five  days after the date on which he is
  personally served with, or  receives  actual  notice  of,  any  summons,
  complaint, process, notice, demand, claim or pleading, shall give notice
  thereof to the attorney general.  Upon such notice, the attorney general
  shall  assume  control  of  the representation of such trustee, officer,
  employee, fiduciary,  investment  adviser,  attorney  or  accountant  in
  connection  with  such  claim, demand, suit, action or proceeding.  Each
  person so represented shall cooperate fully with the attorney general or
  any other person designated to assume such defense in  respect  of  such
  representation or defense.