§ 28 — Monies of the corporation

§ 28. Monies of the corporation. (1) All monies of the corporation,\nexcept as otherwise authorized or provided in this act, shall be paid to\nthe commissioner of taxation and finance as agent of the corporation,\nwho shall not commingle such monies with any other monies. Such monies\nshall be deposited in a separate bank account or accounts. The monies in\nsuch accounts shall be paid out on checks signed by the commissioner of\ntaxation and finance on requisition of the chairman of the corporation\nor of such other officer or employee or officers or employees as the\ncorporation shall authorize to make such requisition. All deposits of\nsuch monies shall, if required by the commissioner of taxation and\nfinance or the corporation, be secured by obligations of the United\nStates or of the state of a market value equal at all times to the\namount of the deposit, and all banks and trust companies are authorized\nto give such security for such deposits.\n Notwithstanding the provisions of this section, the corporation shall\nhave power to contract with the holders of any of its notes or bonds, as\nto the custody, collection, securing, investment, and payment of any\nmonies of the corporation, of any monies held in trust or otherwise for\nthe payment of notes or bonds, and to carry out such contract. Monies\nheld in trust or otherwise for the payment of notes or bonds or in any\nway to secure notes or bonds and deposits of such monies may be secured\nin the same manner as monies of the corporation, and all banks and trust\ncompanies are authorized to give such security for such deposits.\n (2) Subject to agreements with noteholders and bondholders and the\napproval of the comptroller, the corporation shall prescribe a system of\naccounts.\n (3) The comptroller, or his legally authorized representative, is\nhereby authorized and empowered from time to time to examine the books\nand accounts of the corporation including its receipts, disbursements,\ncontracts, reserve funds, sinking funds, investments, and any other\nmatters relating to its financial standing. Such an examination shall be\nconducted by the comptroller at least once in every five years; the\ncomptroller is authorized, however, to accept from the corporation, in\nlieu of such an examination, an external examination of its books and\naccounts made at the request of the corporation.\n (4) The corporation shall submit to the governor, chairman of the\nsenate finance committee, chairman of the assembly ways and means\ncommittee and the comptroller, within thirty days of the receipt thereof\nby the corporation, a copy of the report of every external examination\nof the books and accounts of the corporation other than copies of the\nreports of such examinations made by the comptroller.\n