§ 423. Investments. a. On and after April first, nineteen hundred
sixty-seven, the comptroller shall invest the available monies of the
common retirement fund in any investments and securities authorized by
law for each retirement system and shall hold such investments in his
name as trustee of such fund, notwithstanding any other provision of
this chapter. Participating interests in such investments shall be
credited to each retirement system in the manner and at the time
specified in paragraph two of section four hundred twenty-two of this
article.

b. To assist in the management of the monies of the common retirement
fund, the comptroller shall appoint an investment advisory committee
consisting of not less than seven members who shall serve for his term
of office. A vacancy occurring from any cause other than expiration of
term shall be filled by the comptroller for the remainder of the term.
Each member of the committee shall be experienced in the field of
investments and shall have served, or shall be serving, as a senior
officer or member of the board of an insurance company, banking
corporation or other financial or investment organization authorized to
do business in the state of New York. The committee shall advise the
comptroller on investment policies relating to the monies of the common
retirement fund and shall review, from time to time, the investment
portfolio of the fund and make such recommendations as may be deemed
necessary.

The comptroller shall appoint a separate mortgage advisory committee,
with the advice and consent of the investment advisory committee, to
review proposed mortgage and real estate investments by the common
retirement fund. In making investments, as authorized by law, the
comptroller shall be guided by policies established by each committee
from time to time; and, in the event the mortgage advisory committee
disapproves a proposed mortgage or real estate investment, such shall
not be made.

No officer or employee of any state department or agency shall be
eligible for membership on either committee. Each committee shall
convene periodically on call of the comptroller, or on call of the
chairman. The members of each committee shall be entitled to
reimbursement for their actual and necessary expenses but shall receive
no compensation for their services.