§ 11 — Moneys of the corporation

New York § 11

• Jurisdiction: New York
• Law HHC: New York City health and hospitals corporation act 1016/69

Text

§ 11. Moneys of the corporation. 1. Any moneys of the corporation,\nfrom whatever source derived, shall, except as otherwise provided in\nthis act, be deposited as soon as practicable in banks or trust\ncompanies organized under the laws of the state or national banking\nassociation doing business in the city designated by the board. The said\nmoneys of the corporation shall be paid out on checks signed by the\nchairman of the board or by such other person or persons as the board\nshall authorize. All deposits of such moneys shall, if required by the\nboard, be secured by obligations of the United States or of the state or\nof the city of a market value equal at all times to the amount of the\ndeposits and all banks and trust companies are authorized to give such\nsecurity for such deposits.\n 2. Subject to the terms of any contract, lease or other agreement\nundertaken by the corporation, any such moneys of the corporation not\nrequired for immediate use may, at the discretion of the board, be\ninvested by the corporation in obligations of the United States, the\nstate or the city or in obligations the principal and interest of which\nare guaranteed by the United States, the state or the city.\n 3. The comptroller, or his legally authorized representative, is\nhereby authorized to and shall examine annually the accounts and books\nof the corporation including its receipts, disbursements, contracts,\nreserves, sinking funds, investments and any other matters relating to\nits financial operation and standing.\n