NY Ret & SS L § 179 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 4-A - Investments of Public Pension Funds 179 - Investments in Municipal Assistance Corporation Obligations; Indemnification.

§  179.  Investments  in municipal assistance corporation obligations;   indemnification.  1. It is hereby found and declared that obligations of   the municipal assistance corporation  for  the  city  of  New  York  are   reasonable, prudent, proper and legal investments for any fund described   in subdivision one of section one hundred seventy-six of this article or   for any board member, officer, employee, trustee or fiduciary thereof to   make on behalf of such fund.2.   Notwithstanding   any  other  provision  of  law,  including  the   provisions of  subdivision  one  of  section  seventeen  of  the  public   officers  law,  no  member of the board, officer, employee, fiduciary of   any fund described in subdivision one of section one hundred seventy-six   of this article shall incur or suffer any liability  whatsoever  to  any   person   beneficially  interested  in  such  system  by  reason  of  any   investment of  the  monies  thereof  in  obligations  of  the  municipal   assistance  corporation  for  the  city of New York and each such system   shall save harmless and indemnify all members of  the  board,  officers,   employees,  trustees,  fiduciaries  and  investment advisors of any fund   described in subdivision one of section one hundred seventy-six of  this   article  from  financial  loss  arising  out of any claim, demand, suit,   action or judgment for alleged negligence, waste or breach of  fiduciary   duty  by  reason  of  any  investment  of  any  monies  of  such fund in   obligations of the municipal assistance corporation for the city of  New   York provided that such person shall, within five days after the date on   which he is served with any summons, complaint, process, notice, demand,   claim  or  pleading,  deliver the original or a true copy thereof to the   legal advisor of such system. Upon such delivery the  legal  advisor  of   such  system  may assume control of the representation of such person in   connection with such claim, demand, suit,  action  or  proceeding.  Such   person shall cooperate fully with the legal advisor of the system or any   other  person  designated  to  assume  such  defense  in respect of such   representation or defense.3. The provisions of this section shall not be applicable to purchases   made by the New York city employees' retirement  system,  the  board  of   education  retirement  system  of  the  city  of New York, the teachers'   retirement system of the city of New York,  the  New  York  city  police   pension  funds  and  fire department pension funds in obligations of the   municipal  assistance  corporation  for  the  city  of  New   York   and   obligations  of  the  city  of  New  York  from the municipal assistance   corporation for the city of New York and the  city  of  New  York  after   November twenty-third, nineteen hundred seventy-five, but nothing herein   contained  shall  be deemed to diminish the indemnification provided for   purchases made by the New York city employees'  retirement  system,  the   board  of  education  retirement system of the city of New York, the New   York city police pension funds and  fire  department  pension  funds  in   obligations  of the municipal assistance corporation for the city of New   York and obligations  of  the  city  of  New  York  from  the  municipal   assistance corporation for the city of New York and the city of New York   on  and  after September ninth, nineteen hundred seventy-five, but prior   to November twenty-third, nineteen hundred seventy-five,  in  accordance   with the provisions of this section.