695-D - Powers of the Comptroller.

NY Educ L § 695-D (2019) (N/A)
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(i) Accounts previously established and held in investment instruments at such financial organization may be terminated;

(ii) Additional contributions may be made to such accounts;

(iii) No new accounts may be placed with such financial organization; and

(iv) Existing accounts held by such depository shall remain subject to all oversight and reporting requirements established by the comptroller. b. If the comptroller terminates a financial organization as a program manager or depository, he or she shall take custody of accounts held by such financial organization and shall seek to promptly transfer such accounts to another financial organization that is selected as a program manager or depository and into investment instruments as similar to the original instruments as possible. 9. The comptroller may enter into such contracts as it deems necessary and proper for the implementation of the program.