§ 490-E — Powers and duties of trustee or trustees

§ 490-e. Powers and duties of trustee or trustees. It shall be the\nduty of the corporate trustee or the board of trustees, as the case may\nbe, to collect the initial contribution to the fund, to call for, and to\ncollect by legal proceedings if necessary, such subsequent contributions\nas become payable under the terms of the agreement, and to administer\nthe fund so created in accordance with the terms of the agreement. Such\npart of the fund as is not required to be kept on hand or in bank for\nthe purpose of meeting and satisfying demands made by the superintendent\npursuant to the next succeeding section, may be invested in obligations\nof the United States and of the state of New York, and of any county or\nmunicipality of the state of New York.\n