New York Public Authorities Code § 1599-MMM*2

Bonds legal investments for public officers
Open in Lexace · Ask the AI about this section
* § 1599-mmm. Bonds legal investments for public officers. The bonds\nare hereby made securities in which all public officers and bodies of\nthis state and all municipalities and municipal subdivisions, all\ninsurance companies and associations and other person carrying on an\ninsurance business, all banks, bankers, trust companies, savings banks\nand savings associations, including savings and loan associations,\nbuilding and loan associations, investment companies and other person\ncarrying on a banking business, and all other persons whatsoever, except\nas hereinafter provided, who are now or may hereafter be authorized to\ninvest in bonds or other obligations of the state, may properly and\nlegally invest funds including capital in their control or belonging to\nthem; provided that, notwithstanding the provisions of any other general\nor special law to the contrary, such bonds shall not be eligible for the\ninvestment of funds, including capital, of trusts, estates or\nguardianships under the control of individual administrators, guardians,\nexecutors, trustees and other individual fiduciaries. The bonds are also\nhereby made securities which may be deposited with and shall be received\nby all public officers and bodies of this state and all municipalities\nand municipal subdivisions for any purpose for which the deposit of\nbonds or other obligations of this state is now or may hereafter be\nauthorized.\n  * NB Authority ceased to exist 04/01/1977\n  * NB There are 2 § 1599-mmm's\n

‹ Prev All New York sections Next ›


Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.