N.Y. General Municipal Law § 45: Governing board; powers and responsibilities

§ 45. Governing board; powers and responsibilities. The governing

board of a cooperative investment agreement shall have the following

powers and responsibilities:

1. administering all aspects of the agreement;

2. entering into those contracts deemed appropriate to assist in the

management of the agreement;

3. where authorized under the agreement: (a) delegating the daily

responsibilities of making investment decisions pursuant to the

agreement to the chief fiscal officer of one of the participants,

provided that such delegation shall in no way relieve the board of its

responsibilities under this article, and provided further that such

chief fiscal officer has an appropriate bond or undertaking, the cost of

which shall be deemed to be an expense incurred by the board in

administering the investments made pursuant to the agreement, in an

amount to be determined by the board; or (b) appointing an executive

director to assume the daily responsibilities of making investment

decisions pursuant to the agreement, provided that such appointment

shall in no way relieve the board of its responsibilities under

this article, and provided further that such executive director: (i)

serves at the pleasure of the board; (ii) has been determined by the

board to be qualified to assume such responsibilities; (iii) shall be

compensated in an amount to be determined by the governing board, such

compensation being deemed to be an expense incurred by the board in

administering the investments made pursuant to the agreement; (iv) shall

be subject to such other provisions, described in paragraph b of

subdivision two of section one hundred nineteen-o of this chapter,

relating to his or her employment as are included in the agreement; and

(v) has an appropriate bond or undertaking, the cost of which shall be

deemed to be an expense incurred by the board in administering the

investments made pursuant to the agreement, in an amount to be

determined by the board;

4. monitoring compliance with the investment policy established under

the agreement;

5. monitoring compliance with the maturity limitations established

under the agreement and in this article; and

6. monitoring compliance with the reporting and disclosure

requirements established under the agreement.