§ 178 — Additional limitations on eligible investments

§ 178. Additional limitations on eligible investments.\nNotwithstanding any other provision of law, including the provisions of\nthe administrative code of the city of New York, the trustee or trustees\nof a fund shall not have the power to invest in any insured mortgage or\nconventional mortgage of an unpaid principal amount at the time of\ninvestment of less than two hundred fifty thousand dollars; provided,\nhowever, that this limitation shall be inapplicable as to those\nmortgages pledged, assigned or transferred to the fund as collateral\nsecurity for the unpaid balance of the bonds and notes purchased from\nany bank, trust company, savings bank or savings and loan association\nauthorized by subdivision four of section one hundred seventy-seven of\nthis chapter; and provided further that, with respect to any fund\nadministered for employees of the city of New York, the trustee or\ntrustees of such a fund shall be authorized to invest in any insured\nmortgage or conventional mortgage of an unpaid principal amount at the\ntime of investment of not less than one hundred thousand dollars.\n