§ 43. Required elements of a cooperative investment agreement. Every\ncooperative investment agreement shall contain, at a minimum, the\nfollowing:\n 1. a description of the creation, membership, powers and\nresponsibilities of the governing board of the cooperative investment\nagreement as set forth in sections forty-four and forty-five of this\narticle.\n 2. a statement designating one of the participants as the lead\nparticipant. Moneys to be invested pursuant to the cooperative\ninvestment agreement and the investments made pursuant to the\ncooperative investment shall be held in the custody of the lead\nparticipant on behalf of all the participants. Moneys or investments\nheld in the custody of the lead participant on behalf of the\nparticipants shall not be commingled with other moneys or investments of\nthe lead participant.\n 3. a statement that each participant shall have an undivided interest\nin moneys and investments held by the lead participant on behalf of the\nparticipants in the proportion that the total amount of contributions\nmade by that participant bears to the total amount of contributions by\nall the participants.\n 4. a statement of the investment policy applicable to investments made\npursuant to the agreement. This investment policy shall conform to the\nrequirements of section thirty-nine of this chapter and shall also\ninclude:\n (a) a statement of the governing board's intention to maintain the\nvalue of each participant's interest in the cooperative investments at a\nstable value of one dollar,\n (b) a statement of the types of investments authorized by section\neleven of this chapter in which moneys may be invested under the\nagreement and, if deemed appropriate, further limitations pertaining to\nmatters such as the use of repurchase agreements and the purchase of\nvariable rate and structured obligations,\n (c) a statement of the maximum time remaining to maturity of\nindividual investments permitted under the agreement and the maximum\nweighted average maturity of all investments made pursuant to the\nagreement as are deemed necessary to fulfill the investment policy\nstated in the agreement and to ensure that a participant's investment\nwill be available when needed to meet expenditures; provided, however,\nthat the maximum time remaining to maturity of individual investments\nshall not exceed three hundred ninety-seven days and the maximum\nweighted average maturity of all investments shall not exceed sixty\ndays. Compliance under the cooperative investment agreement with the\nmaturity limitations stated in this subdivision shall be deemed to be\ncompliance with the requirements of paragraph a of subdivision three of\nsection eleven of this chapter, and\n (d) standards for the diversification of investments, including\ndiversification with respect to types of investments and firms with whom\nthe governing board transacts business.\n 5. the participants' rights to make contributions and receive\ndistributions, the frequency with which earnings will be distributed\nto the participants, and the circumstances, if any, under which a\nparticipant's rights to make contributions or receive distributions may\nbe limited or deferred.\n 6. a description of the manner in which expenses incurred by the\ngoverning board in administering the cooperative investment agreement,\nincluding, but not limited to, the cost of procuring the services of\nprofessionals to assist the governing board, the compensation of an\nexecutive director, if one is appointed, and other costs of\nadministering the investments made pursuant to the agreement, are to be\napportioned among the participants.\n 7. a description of the methodology, including, but not limited to,\nthe amortized cost method, that will be utilized to establish the value\nof each participant's interest in investments made pursuant to the\nagreement, including the value of contributions and distributions, and\nthe calculati
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