§ 31. Participation by public or quasi-public organizations. a. Any\npublic or quasi-public organization created wholly or partly or deriving\nits powers by the legislature of the state and which organization\nemploys persons engaged in service to the public or any state agency as\ndefined in section fifty-three-a of the state finance law, or the New\nYork state association of town superintendents of highways, inc. or any\nschool board association, by resolution legally adopted by its governing\nbody and approved by the comptroller, may elect to have its officers and\nemployees become eligible to participate in the retirement system.\nAcceptance of the officers and employees of such an employer for\nmembership in the retirement system shall be optional with the\ncomptroller. If he shall approve their participation, such organization,\nexcept as specifically provided in this article to the contrary, shall\nthereafter be treated as a participating employer. Any election made\npursuant to this subdivision by a school board association shall be\napplicable to current employees of such association.\n b. The officers and employees of such organization shall be credited\nwith such periods of prior service as shall be certified by their\nemployer for service rendered to it, or its predecessor, or the state,\nor in any other capacity approved by such employer and the comptroller.\nService for such employer after the date on which it commences to\nparticipate in the retirement system and on account of which such\nemployer pays contributions shall be considered as member service. An\nofficer or employee of such employer who, as of the date he is so\napproved for membership in the retirement system, is already a member\nthereof, shall not have his total credit reduced by such approval. Any\nreserve held on account of any such officer or employee in the pension\naccumulation fund shall be used as an offset against the deficiency\ncontribution payable thereafter by such employer on account of such\nofficer or employee for any prior service credit and any such previous\ncredit. Except as otherwise provided in this article, an officer or\nemployee of such employer who, by reason of this service, is a member of\nany other governmental retirement system shall not participate in this\nretirement system on that part of his compensation so covered. The term\n"governmental retirement system", as used in this subdivision, shall\ninclude any retirement system wholly or partly maintained by this state,\nby a municipality of this state, by another state or political\nsubdivision thereof, by the United States government, or by any foreign\ncountry or political subdivision thereof.\n c. An agreement, made by such an employer pursuant to this section, to\ncontribute on account of its officers and employees shall be\nirrevocable. In the event that such employer for any reason becomes\nfinancially unable to make the contributions required on account of its\nofficers and employees, it shall be deemed to be in default. A\ncertificate to such effect thereupon shall be sent by the comptroller to\nthe employer and to the state superintendent of financial services.\nEvery member of the retirement system, who was an officer or employee of\nsuch employer at the time of default, upon demand made within ninety\ndays thereafter, shall be entitled to discontinue his membership in the\nretirement system and to a refund of his accumulated contributions. As\nof a date ninety days following the date of such certificate of default,\nthe actuary of the retirement system, by actuarial valuation, shall\ndetermine the amount of the reserves held on account of each active\nmember and pensioner of such employer. He shall credit to each such\nmember and pensioner the amount of reserve so held. In the event such an\nactive member does not discontinue his membership and thus become\nentitled to the refund of his accumulated contributions, the reserve so\ncredited, together with th
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