NY Educ L § 355-B (2021)
2021 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.