N.Y. General Business Law § 1303: Fiduciary duty

§ 1303. Fiduciary duty. The board, the individual members of the

board, the trustees, any other agents appointed or engaged by the board,

and all persons serving as program staff shall discharge their duties

with respect to the program solely in the interest of the program's

enrollees and beneficiaries as follows:

1. for the exclusive purposes of providing benefits to enrollees and

beneficiaries and defraying reasonable expenses of administering the

program;

2. by investing with the care, skill, prudence, and diligence under

the prevailing circumstances that a prudent person acting in a like

capacity and familiar with those matters would use in the conduct of an

enterprise of a like character and with like aims; and

3. by using any contributions paid by employees, and employers

remitting employees' own contributions into the fund exclusively for the

purpose of paying benefits to the enrollees of the program, for the cost

of administration of the program, and for investments made for the

benefit of the program.