(b) Article seventeen of this chapter is applicable to any such system
for the purpose of investing in the stock of a domestic life insurance
company organized on a restricted plan pursuant to the provisions of
subsection (b) of section four thousand two hundred two of this chapter
and for investing in or otherwise acquiring subsidiaries of the types
described in section one thousand seven hundred four of this chapter.
(c) Section four thousand two hundred forty of this chapter shall be
applicable to any such system in which the total present value of
benefits provided by the employer for members in active service exceeds
fifty million dollars, subject to such modifications in the application
of the provisions of such section as the superintendent may prescribe by
rules and regulations not inconsistent with the provisions of this
chapter, as may be appropriate to carry out the purposes of this
article.
Structure New York Laws