§ 45. Governing board; powers and responsibilities. The governing
board of a cooperative investment agreement shall have the following
powers and responsibilities:

1. administering all aspects of the agreement;

2. entering into those contracts deemed appropriate to assist in the
management of the agreement;

3. where authorized under the agreement: (a) delegating the daily
responsibilities of making investment decisions pursuant to the
agreement to the chief fiscal officer of one of the participants,
provided that such delegation shall in no way relieve the board of its
responsibilities under this article, and provided further that such
chief fiscal officer has an appropriate bond or undertaking, the cost of
which shall be deemed to be an expense incurred by the board in
administering the investments made pursuant to the agreement, in an
amount to be determined by the board; or (b) appointing an executive
director to assume the daily responsibilities of making investment
decisions pursuant to the agreement, provided that such appointment
shall in no way relieve the board of its responsibilities under
this article, and provided further that such executive director: (i)
serves at the pleasure of the board; (ii) has been determined by the
board to be qualified to assume such responsibilities; (iii) shall be
compensated in an amount to be determined by the governing board, such
compensation being deemed to be an expense incurred by the board in
administering the investments made pursuant to the agreement; (iv) shall
be subject to such other provisions, described in paragraph b of
subdivision two of section one hundred nineteen-o of this chapter,
relating to his or her employment as are included in the agreement; and
(v) has an appropriate bond or undertaking, the cost of which shall be
deemed to be an expense incurred by the board in administering the
investments made pursuant to the agreement, in an amount to be
determined by the board;

4. monitoring compliance with the investment policy established under
the agreement;

5. monitoring compliance with the maturity limitations established
under the agreement and in this article; and

6. monitoring compliance with the reporting and disclosure
requirements established under the agreement.