(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.
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