§ 177. Eligible investments. In addition to the powers contained in\nany other provision of law, including the provisions of the\nadministrative code of the city of New York, the trustee or trustees of\na fund shall have the power to invest the moneys thereof in: 1. Such\nsecurities in which the trustees of a savings bank may invest the moneys\ndeposited therein as provided by law, subject, however, to the following\nlimitations:\n (a) (i) Except as provided in sections one hundred seventy-eight and\nthree hundred six of the public housing law, no conventional mortgage\nmay exceed sixty per centum of the appraised value of improved and\nunencumbered real property or seventy-five per centum of the appraised\nvalue thereof if such real property is improved by a building or\nbuildings, the major portion of which is used, or in the case of a\nbuilding under construction is to be used, for residential, business,\nmanufacturing or agricultural purposes; (ii) the aggregate unpaid\nprincipal amount of all conventional mortgages at any time held in a\nfund shall not exceed thirty per centum of the assets of such fund; and\n(iii) not more than five per centum of the assets of any fund shall be\ninvested in any one conventional mortgage;\n (b) the aggregate unpaid principal amount of obligations issued or\nguaranteed by the international bank for reconstruction and development\nat any time held in a fund shall not exceed five per centum of the\nassets of such fund;\n (c) the aggregate unpaid principal amount of all obligations of the\nDominion of Canada, of any province of the Dominion of Canada, and of\nany city of the Dominion of Canada at any time held in a fund shall not\nexceed five per centum of the assets of such fund;\n (d) the aggregate unpaid principal amount of equipment trust\ncertificates at any time held in a fund shall not exceed five per centum\nof the assets of such fund; and\n (e) not more than two and one-half per centum of the assets of any\nfund shall be invested in the obligations of any one railroad or\nindustrial corporation, or any one corporation engaged directly and\nprimarily in the production, transportation, distribution, or sale of\nelectricity or gas, or the operations of telephone and telegraph systems\nor waterworks, or in some combination thereof; and\n (f) not more than thirty per centum of the assets of any fund shall be\ninvested in bonds of electric and gas corporations as defined in\nsubdivision thirteen of section two hundred thirty-five of the banking\nlaw, notwithstanding the provisions of paragraph (h) of such\nsubdivision.\n 1-a. Obligations payable in United States funds of the United States,\nany state of the United States, District of Columbia or Commonwealth of\nPuerto Rico, of any department, agency or political subdivision thereof,\nor of any corporation, company or other issuer of any kind or\ndescription created or existing under the laws of the United States, any\nstate of the United States, District of Columbia or Commonwealth of\nPuerto Rico and obligations payable in United States funds of Canada or\nany province or city of Canada, provided\n (a) each such obligation at the time of investment shall be rated\ninvestment grade by two nationally recognized rating services or by one\nnationally recognized rating service in the event only one such service\nrates such obligation; and\n (b) the aggregate investment by a fund in the obligations of any one\nissuer pursuant to this subdivision (other than the obligations of the\nUnited States, or those for which the faith of the United States is\npledged to provide payment of the interest and principal) shall not\nexceed two per centum of the assets of such fund or five per centum of\nthe direct liabilities of such issuer.\n 2. Equity securities, and interest-bearing obligations payable in\nUnited States funds which are convertible into equity securities, of any\ncorporation created or existing under the laws of the United States,
‹ 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.