N.Y. GMU Law § 45

§ 45. Governing board; powers and responsibilities. The governing\nboard of a cooperative investment agreement shall have the following\npowers and responsibilities:\n 1. administering all aspects of the agreement;\n 2. entering into those contracts deemed appropriate to assist in the\nmanagement of the agreement;\n 3. where authorized under the agreement: (a) delegating the daily\nresponsibilities of making investment decisions pursuant to the\nagreement to the chief fiscal officer of one of the participants,\nprovided that such delegation shall in no way relieve the board of its\nresponsibilities under this article, and provided further that such\nchief fiscal officer has an appropriate bond or undertaking, the cost of\nwhich shall be deemed to be an expense incurred by the board in\nadministering the investments made pursuant to the agreement, in an\namount to be determined by the board; or (b) appointing an executive\ndirector to assume the daily responsibilities of making investment\ndecisions pursuant to the agreement, provided that such appointment\nshall in no way relieve the board of its responsibilities under\nthis article, and provided further that such executive director: (i)\nserves at the pleasure of the board; (ii) has been determined by the\nboard to be qualified to assume such responsibilities; (iii) shall be\ncompensated in an amount to be determined by the governing board, such\ncompensation being deemed to be an expense incurred by the board in\nadministering the investments made pursuant to the agreement; (iv) shall\nbe subject to such other provisions, described in paragraph b of\nsubdivision two of section one hundred nineteen-o of this chapter,\nrelating to his or her employment as are included in the agreement; and\n(v) has an appropriate bond or undertaking, the cost of which shall be\ndeemed to be an expense incurred by the board in administering the\ninvestments made pursuant to the agreement, in an amount to be\ndetermined by the board;\n 4. monitoring compliance with the investment policy established under\nthe agreement;\n 5. monitoring compliance with the maturity limitations established\nunder the agreement and in this article; and\n 6. monitoring compliance with the reporting and disclosure\nrequirements established under the agreement.\n