N.Y. New York City health and hospitals corporation act 1016/69 Law § 11
Moneys of the corporation
New York · New York New York City health and hospitals corporation act 1016/69 Law · Status: effective · Effective 2014-09-22
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- Citation
- N.Y. New York City health and hospitals corporation act 1016/69 Law § 11, Moneys of the corporation, New York, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/1111808
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Full text
§ 11. Moneys of the corporation. 1. Any moneys of the corporation,
from whatever source derived, shall, except as otherwise provided in
this act, be deposited as soon as practicable in banks or trust
companies organized under the laws of the state or national banking
association doing business in the city designated by the board. The said
moneys of the corporation shall be paid out on checks signed by the
chairman of the board or by such other person or persons as the board
shall authorize. All deposits of such moneys shall, if required by the
board, be secured by obligations of the United States or of the state or
of the city of a market value equal at all times to the amount of the
deposits and all banks and trust companies are authorized to give such
security for such deposits.
2. Subject to the terms of any contract, lease or other agreement
undertaken by the corporation, any such moneys of the corporation not
required for immediate use may, at the discretion of the board, be
invested by the corporation in obligations of the United States, the
state or the city or in obligations the principal and interest of which
are guaranteed by the United States, the state or the city.
3. The comptroller, or his legally authorized representative, is
hereby authorized to and shall examine annually the accounts and books
of the corporation including its receipts, disbursements, contracts,
reserves, sinking funds, investments and any other matters relating to
its financial operation and standing.