§ 178. Additional limitations on eligible investments.
Notwithstanding any other provision of law, including the provisions of
the administrative code of the city of New York, the trustee or trustees
of a fund shall not have the power to invest in any insured mortgage or
conventional mortgage of an unpaid principal amount at the time of
investment of less than two hundred fifty thousand dollars; provided,
however, that this limitation shall be inapplicable as to those
mortgages pledged, assigned or transferred to the fund as collateral
security for the unpaid balance of the bonds and notes purchased from
any bank, trust company, savings bank or savings and loan association
authorized by subdivision four of section one hundred seventy-seven of
this chapter; and provided further that, with respect to any fund
administered for employees of the city of New York, the trustee or
trustees of such a fund shall be authorized to invest in any insured
mortgage or conventional mortgage of an unpaid principal amount at the
time of investment of not less than one hundred thousand dollars.