§ 179. Investments in municipal assistance corporation obligations;
indemnification. 1. It is hereby found and declared that obligations of
the municipal assistance corporation for the city of New York are
reasonable, prudent, proper and legal investments for any fund described
in subdivision one of section one hundred seventy-six of this article or
for any board member, officer, employee, trustee or fiduciary thereof to
make on behalf of such fund.

2. Notwithstanding any other provision of law, including the
provisions of subdivision one of section seventeen of the public
officers law, no member of the board, officer, employee, fiduciary of
any fund described in subdivision one of section one hundred seventy-six
of this article shall incur or suffer any liability whatsoever to any
person beneficially interested in such system by reason of any
investment of the monies thereof in obligations of the municipal
assistance corporation for the city of New York and each such system
shall save harmless and indemnify all members of the board, officers,
employees, trustees, fiduciaries and investment advisors of any fund
described in subdivision one of section one hundred seventy-six of this
article from financial loss arising out of any claim, demand, suit,
action or judgment for alleged negligence, waste or breach of fiduciary
duty by reason of any investment of any monies of such fund in
obligations of the municipal assistance corporation for the city of New
York provided that such person shall, within five days after the date on
which he is served with any summons, complaint, process, notice, demand,
claim or pleading, deliver the original or a true copy thereof to the
legal advisor of such system. Upon such delivery the legal advisor of
such system may assume control of the representation of such person in
connection with such claim, demand, suit, action or proceeding. Such
person shall cooperate fully with the legal advisor of the system or any
other person designated to assume such defense in respect of such
representation or defense.

3. The provisions of this section shall not be applicable to purchases
made by the New York city employees' retirement system, the board of
education retirement system of the city of New York, the teachers'
retirement system of the city of New York, the New York city police
pension funds and fire department pension funds in obligations of the
municipal assistance corporation for the city of New York and
obligations of the city of New York from the municipal assistance
corporation for the city of New York and the city of New York after
November twenty-third, nineteen hundred seventy-five, but nothing herein
contained shall be deemed to diminish the indemnification provided for
purchases made by the New York city employees' retirement system, the
board of education retirement system of the city of New York, the New
York city police pension funds and fire department pension funds in
obligations of the municipal assistance corporation for the city of New
York and obligations of the city of New York from the municipal
assistance corporation for the city of New York and the city of New York
on and after September ninth, nineteen hundred seventy-five, but prior
to November twenty-third, nineteen hundred seventy-five, in accordance
with the provisions of this section.