N.Y. PBA Law § 2539

§ 2539. Resources of the corporation. (a) Subject to the provisions of\nthis title, the directors of the corporation shall receive, accept,\ninvest, administer, expend and disburse for its corporate purposes all\nmonies for the corporation from whatever sources derived including (1)\npayments by the city or by the state comptroller pursuant to the\nprovisions of sections twenty-five hundred thirty-seven and twenty-five\nhundred forty of this title; and (2) any other payments, gifts, or\nappropriations to the fund from any other source.\n (b) The monies of the corporation shall be paid to the comptroller as\nagent of the corporation who shall not commingle such monies with any\nother monies. Subject to the provisions of any contract with noteholders\nor bondholders, all corporation monies received by the corporation\nwhich, together with other monies of the corporation available for the\noperating expenses of the corporation including the payment of debt\nservice and payments to the capital reserve fund, exceed the amount\nrequired for such purposes shall be transferred to the city on the\nfifteenth day of February.\n (c) The monies in any of the corporation's accounts shall be paid out\non checks signed by the comptroller on requisitions of the chairman of\nthe directors of the corporation or of such other officer or employee as\nthe directors shall authorize to make such requisition.\n (d) The comptroller or his legally authorized representative, from\ntime to time may examine the books and accounts of the corporation,\nincluding its receipts, disbursements, contracts, reserves, investments,\nand any other matters relating to its financial standing. Such an\nexamination shall be conducted by the comptroller at least once every\nfive years; in lieu of such an examination, the comptroller may accept\nfrom the corporation an external examination of the books and accounts\nmade at the request of the directors of the corporation.\n