§ 3239. Resources of the corporation. 1. Subject to the provisions of
this title, the directors of the corporation shall receive, accept,
invest, administer, expend and disburse for its corporate purposes all
monies for the corporation from whatever sources derived including:

(a) payments by the state pursuant to the provisions of section three
thousand two hundred forty of this title; and

(b) any other payments, gifts, or appropriations to the corporation
from any other source.

2. The monies of the corporation shall be held by the corporation and
may be invested as provided in subdivision ten of section thirty-two
hundred thirty-five of this title. Subject to provisions of any contract
with bondholders or noteholders, all monies received by the corporation
other than as proceeds of its bonds or notes which, together with other
monies of the corporation available for the operating expenses of the
corporation, the payment of debt service and the other purposes listed
in section thirty-two hundred forty of this title, exceed the amount
required for such purposes shall be applied by the corporation to the
acceleration of the payment of principal on the bonds or notes of the
corporation or to the redemption thereof.

3. The comptroller or legally authorized representative, from time to
time may examine the books and accounts of the corporation, including
its receipts, disbursements, contracts, reserves, investments, and any
other matters relating to its financial standing. Such an examination
should be conducted by the comptroller or such legally authorized
representative at least once every five years; in lieu of such an
examination, the comptroller may accept from the corporation an external
examination of the books and accounts made at the request of the
directors of the corporation.