§ 4608. Application. (a) Every system organized or created under this
chapter shall be subject to the provisions of this article, to
subsection (g) of section one thousand one hundred two of this chapter,
to the appropriate provisions of articles one, three and seventy-four of
this chapter, and to articles thirteen and fourteen of this chapter,
insofar as applicable to the assets and investments of a domestic life
insurance company, except that the provisions of section one thousand
four hundred four (and the provisions therein that relate specially to
retirement systems) shall be applicable instead of the provisions of
section one thousand four hundred five of this chapter.

(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.