NY Banking L § 658 (2021)
2021 New York Laws BNK - Banking Article 13-C - State Transmitter of Money Insurance Fund 658 - General Powers of the Fund; Administration of the Fund.

§ 658. General powers of the fund; administration of the fund.  1. The   fund  shall  have  the  power  to  borrow  money  from  the property and   liability insurance security fund created by section seven thousand  six   hundred  three  of the insurance law on such terms and conditions as the   superintendent may authorize pursuant to section seven of chapter one of   the laws of nineteen hundred seventy-seven to the  extent  necessary  to   protect  the  interests  of  the  purchasers  and  holders  of  New York   instruments, and to pledge the assets of the fund or any portion thereof   as security for such borrowings.2. The fund shall have the power to accept contributions or  donations   to  the  fund  from  any  source.  The fund shall also have the power to   pursue, realize upon, compromise and otherwise dispose of all rights and   remedies of claimants assigned to the fund pursuant to the provisions of   this article. The proceeds of all such rights and remedies and any other   amounts which the fund may receive from any source  shall  constitute  a   part of the assets of the fund.3.  The  fund created by this article shall be separate and apart from   any other fund and from all other state monies, and the faith and credit   of  the  state  of  New  York  is  pledged  for  its  safekeeping.   The   commissioner  of taxation and finance shall be the custodian of the fund   and all disbursements from said fund shall be made by  the  commissioner   of  taxation  and  finance upon vouchers signed by the superintendent or   his designated deputy. The monies of said fund may be  invested  by  the   commissioner  of  taxation and finance only in obligations of the United   States or of this state and in interest-bearing certificates of  deposit   for  a  bank  or  trust company located and authorized to do business in   this state, or of a national bank located in this state,  secured  by  a   pledge of direct obligations of the United States or of the state of New   York  in  an  amount equal to the amount of such certificate of deposit.   The commissioner of taxation and finance may sell any of the obligations   or certificates of deposit in which said fund is invested, if advisable,   for its proper administration or in the best interests of said fund.4. The expense of administering the fund shall  be  paid  out  of  the   fund. Prior to the first days of January, April, July and October, there   shall  be  submitted  to  the  director  of  the  budget for approval an   estimated budget of expenditures for the succeeding three months.  There   may  not be expended for the purpose of administering the fund more than   the  amounts  as  authorized  by  the  director  of  the   budget.   The   superintendent   shall  serve  as  administrator  of  the  fund  without   additional compensation, but may be  allowed  and  paid  from  the  fund   expenses  incurred  in  the performance of his duties in connection with   the  fund.    The  compensation  of  those  persons  employed   by   the   superintendent,  within  the  amounts  approved  by  the director of the   budget, shall be deemed administration expense payable  from  the  fund.   The  superintendent  shall  make an annual report of the receipts to and   disbursements from the fund, including the cost of administration of the   fund, which report shall be made available to each uninsured transmitter   of money who has made payments into the fund during such year and to any   other person having an interest in the fund.