N.Y. General Business Law § 1306: Financial organizations

§ 1306. Financial organizations. 1. The board shall engage, after an

open bid process, a financial organization or organizations to invest

assets of the program. In selecting the financial organization or

organizations, the board shall take into consideration and give weight

to the financial organization's fees and charges in order to reduce the

program's administrative expenses.

2. The financial organizations shall comply with applicable federal

and state laws, rules, and regulations, as well as rules, policies, and

guidelines promulgated by the board with respect to the program,

including, but not limited to, the investment policy.

3. The financial organization or organizations shall provide such

reports as the board deems necessary for the board to oversee each

financial organization's performance and the performance of the program.