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service by July first, nineteen hundred

retirement system for such ninety-three.

§ 2. This act shall take effect immediately.

FISCAL NOTE.-If this bill were to be enacted in the 1992 Legislative Session, the cost to the employer would be at most $20,000 per annum. This fiscal note was prepared by Jonathan Schwartz, consulting actuary for Leef and Jones and is to be used only during the 1992 Legislative Session.

CHAPTER 673

AN ACT to legalize, validate and confirm certain proceedings and actions of the town board of the town of Seward in the county of Schoharie, in relation to the expenditure of moneys for improvements to sewer district facilities

Became a law July 31, 1992, with the approval of the Governor. Passed on Home Rule request pursuant to Article IX, section 2(b) (2) of the Constitution by a majority vote, three-fifths being present.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. All proceedings and actions of the town board of the town of Seward, Schoharie county, in relation to the payment or incurrence of costs or expenditures on behalf of the town of Seward Sewer District no. 1, including specifically amounts in respect to back wages and benefits and amounts necessary to obtain permanent financing for all such costs, in excess of the amount approved by the state comptroller pursuant to section 194 of the town law, and the issuance of indebtedness to finance such additional costs, are hereby legalized, validated, ratified and confirmed notwithstanding the failure of the town board to comply with the provisions of articles 12 and 12-A of the town law requiring the approval of the state comptroller for such increased expenditures. All such additional payments shall be deemed properly made or incurred and such indebtedness lawfully issued.

$ 2. The town board of the town of Seward is hereby exempted from complying with the provisions of section 209-h of the town law in approving an increase in the amount to be expended and financed for the establishment of Seward Sewer District no. 1.

§ 3. This act shall take effect immediately.

CHAPTER 674

(See FISCAL NOTE at end of Chapter.)

AN ACT to amend the retirement and social security law, in relation to the custody and nominee registration of foreign securities and in relation to investments in an investment entity

Became a law July 31, 1992, with the approval of the Governor.
Passed by a majority vote, three-fifths being present.

bly, do enact as follows:

The People of the State of New York, represented in Senate and Assem

Section 1. Subdivision 7 of section 177 of the retirement and social security law, as added by chapter 603 of the laws of 1991, is amended to

read as

EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

7. The trustees of a fund shall have the power to invest the moneys thereof in limited partnerships, joint ventures, stock of corporations (including subsidiaries of the fund), group trusts, common trust funds, collective investment funds, investment companies (as defined by an act of Congress entitled the "Investment Company Act of 1940"), separate accounts established by a domestic life insurance company in accordance with section forty-two hundred forty of the insurance law, real estate investment trusts (as defined in section 856 of the Internal Revenue Code of 1986) or any other similar investment entity, whether owned in whole or in part by the fund, provided that (a) such limited partnership, joint venture, corporation (including a subsidiary of the fund), group trust, common trust fund, investment company, separate account, collective investment entity, real estate investment trust or other similar investment entity has been established or organized primarily for the purpose of investing in securities, real estate or other investments in which the trustee or trustees of a fund are authorized to invest pursuant to this section; and (b) each investment by a fund pursuant to this subdivision shall be deemed to be the investment of the fund in such investment entity (rather than in the assets of such investment entity), except that in calculating the amount of the fund's investment in assets for purposes of the percentage limitations, if any set forth in [the foregoing subdivisions of] this section, there shall be included all assets held by any such investment entity in which the fund shall have an investment as of the date of determination, but only to the extent of the fund's indirect interest in such assets resulting from its investment in such investment entity.

§ 2. Section 178-a of the retirement and social security law, as amended by chapter 669 of the laws of 1991, is amended to read follows:

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§ 178-a. Custody and nominee registration of stock and securities. 1. Notwithstanding any other provision of law, including the provisions of the administrative code of the city of New York and the education law, the public officer or officers designated by law as the custodian of a fund are authorized, in accordance with the provisions of this section, to turn over the physical custody and safekeeping of any stock or other securities, in registered or bearer form, owned by such fund to (a) any state bank or trust company located in this state, or (b) any national bank located in this state, or (c) any private banker duly authorized by the superintendent of banks of this state to engage in business here. All such private bankers shall, as private bankers, maintain_a permanent capital of not less than one million dollars in this state. Transfers of stocks or securities must receive the prior consent of the trustees of such fund, under such terms and conditions as they may specify. The custodian of such fund may direct such bank, trust company or private banker to register and hold any such stock or securities in its custody, in the name of its nominee. The custodian of such fund may also authorize such bank, trust company or private banker to deposit, or range for the deposit, of such stock or securities in a clearing corporation (as defined in article eight of the uniform commercial code). The custodian of such fund may also authorize such bank, trust company or private banker to appoint a foreign entity to register and hold any foreign securities owned by such fund in its custody, in the name of its nominee, as agent of such bank, trust company or private banker, provided that such bank, trust company or private banker shall be liable to such fund to the same extent it would be if it retained custody of such stocks or securities. Such entity must be a foreign securities depository, foreign clearing agency which acts as a securities depository, or foreign bank which (i) is supervised or regulated by a government agency or regulatory authority in the foreign jurisdiction having authority over such depositories, clearing agencies or banks, and (ii) has shareholders' equity of not less than one hundred million dollars. 1 In addition, the custodian of such fund may deposit, or authorize such bank, trust company or private banker, to deposit, or arrange for the deposit of any of such securities the principal and interest of which the United States, or any department, agency or instrumentality, thereof has agreed to pay, or has guaranteed payment, with a federal reserve bank to be credited to an account as to which the ownership of, and other interests in, such securities may be transferred by entries on the books of such federal reserve bank without physical delivery of any securities. The records of such bank, trust company or private banker, and any agent of such bank, trust company or private banker, 1 shall

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show, at all times, the ownership of such stock and securities, and they
shall, when held in the possession of such bank, trust company or pri-
vate banker be, at all times, kept separate from the assets of such
bank, trust company or private banker [or agent].
When any such stock
or securities[ including foreign securities] are so registered in the
name of a nominee, such bank, trust company or private banker shall be
absolutely liable for any loss occasioned by the acts of such nominee
with respect to such stock or securities.

2. (a) The custodian of such fund may also authorize such bank, trust company or private banker to appoint one or more foreign entities as its agent to hold and register foreign securities. Such foreign entity must be either:

(i) a banking institution or trust company holding securities itself or in a securities depository or clearing agency which acts as a securities depository; or

(ii) a securities depository or clearing agency which acts as a securities depository.

(b) For purposes of the appointment of a foreign entity as agent, the term "banking institution or trust company" shall mean an entity which

is:

(i) regulated by the relevant regulatory authority in that jurisdiction and has shareholders equity of not less than one hundred million dollars; or

(ii) a branch of, or a majority-owned direct or indirect subsidiary of, a domestic bank, trust company or private banker eligible to be authorized to have custody of securities under this section.

(c) For purposes of the appointment of a foreign entity as agent, the term "securities depository or clearing agency which acts as a securities depository" shall mean an entity which:

(i) is regulated by the relevant national regulatory authority in that jurisdiction;

(ii) is operated pursuant to the charter and by-laws of any company or association organized as a securities depository or clearing agency which operates a system for the central handling of securities or equivalent book entries; or

(iii) may be used as a securities depository or clearing agency which acts as a securities depository by an investment company (as defined by an act of congress entitled the "Investment Company Act of 1940").

(d) Registration of foreign securities may be in the name of any such foreign entity or its nominee, provided that the books and records of the domestic bank, trust company or private banker which made the appointment of the foreign entity shall show, at all times, the beneficial Ownership of the fund.

(e) A domestic bank, trust company or private banker which has custody of foreign securities of such fund shall be absolutely liable for any loss with respect to such securities which is occasioned by its acts, the acts of its agent, the acts of its nominee or its agent's nominee or the acts of any foreign entity appointed by it or any such foreign entity's agent or nominee.

3. This act shall take effect immediately.

Insofar as

FISCAL NOTE. -This bill would permit a public pension fund to authorize its custodian bank, trust company or private banker to appoint a foreign entity to register and hold foreign securities owned by the fund as an agent of the custodian bank, trust company or private banker. this bill affects the New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System, it is anticipated that there will be an investment gain due to the enactment of this legislation. Foreign companies present attractive investment opportunities for public pension funds. The authority to use a foreign subcustodian, as an agent of the fund' s New York custodian, would facilitate the direct purchase of foreign securities by New York public pension funds where other investment criteria

are met.

This estimate, dated April 1, 1992 and intended for use only during the 1992 Legislative Session, is Fiscal Note No. 92-267 prepared by the Actuary for the New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System.

EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

CHAPTER 675

AN ACT to amend the real property tax law, in relation to capital improvements to real property owned by interdenominational centers

Became a law July 31, 1992, with the approval of the Governor.
Passed by a majority vote, three-fifths being present.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. The opening paragraph of section 430 of the real property tax law is designated subdivision 1 and a new subdivision 2 is added to read as follows:

2. In addition to any other rental moneys allowed to be charged for such use, with the consent of each corporation or association that leases a portion of such real property, the interdenominational center may require each such lessee to make payment on an annual basis to a capital improvement fund, the funds to be used exclusively for capital improvement's, as defined in this subdivision, in accordance with a capital improvement plan adopted or updated annually by the interdenominational center. For purposes of this section, "capital improvement" shall mean any addition to, replacement of, or remodeling of physical plant, structures, or equipment now or hereafter owned by an interdenominational center, which is used or is to be used in connection with the operation of the interdenominational center, and which shall include improvements to land, but not land itself.

§ 2. This act shall take effect on the first day of January next succeeding the date on which it shall have become a law.

CHAPTER 676

AN ACT to amend the tax law and chapter 365 of the laws of 1989 amending the tax law relating to authorizing the county of Tioga to collect a hotel or motel tax, in relation to eliminating the expiration thereof

Became a law July 31, 1992, with the approval of the Governor.
Passed by a majority vote, three-fifths being present.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Section 1202-j of the tax law, as added by chapter 365 of the laws of 1989, is renumbered section 1202-o.

§ 2. Subdivision 10 of section 1202-o of the tax law, as added by chapter 365 of the laws of 1989 and such section as renumbered by section one of this act, is amended to read as follows:

(10) [Such] Each enactment of such a local law may provide for the imposition of a hotel or motel tax for a period of time no longer than three years from the date of its enactment. Nothing in this section shall prohibit the adoption and enactment of local laws, pursuant to the provisions of this section, upon the expiration of any other local law adopted pursuant to this section.

§ 3. Section 2 of chapter 365 of the laws of 1989, amending the tax law relating to authorizing the county of Tioga to collect a hotel or motel tax, is amended to read as follows:

§ 2. This act shall take effect on the first day of January next succeeding the date on which it shall have become a law [and shall be deemed repealed four years after such date].

§ 4. This act shall take effect immediately.

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CHAPTER 677

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Section 1. Section 334-a of the real property law is amended by adding a new subdivision 14 to read as follows:

14. Whenever at least two years have elapsed since the filing of a map of the subdivision of any tract of land into lots, plots, blocks or sites, with or without opened or proposed roads, the owner of such tract, or of any part thereof having an area equivalent to that of any two ΟΙ more contiguous lots or an area of not less than one-half acre, may abandon and cancel the subdivision of the property SO owned by recording in the office of the county clerk a written certificate of abandonment, duly executed and acknowledged, which shall contain a description of the property to be abandoned, the complete title or name of the map, the filing date and file number thereof, except that ΠΟ opened or proposed streets, other than those entirely within the bounds of the property to be abandoned, or the area within such bounds of streets which as laid out on said map come to a dead-end within such bounds, shall be abandoned unless each owner of a lot or interest in the subdivision consents to the abandonment thereof by instrument in writing duly executed, acknowledged and recorded with the certificate of abandonment; provided, however, that whenever at least twenty years have elapsed since the filing of said map, the owner of the property to be abandoned may, without such consent, abandon any streets or portions thereof shown on said map and which are within the bounds of the property to be abandoned if such streets or portions thereof are neither opened, nor public highways, nor used by the public, nor necessary for the use of owners, occupants or any other persons having an interest in any part of the subdivision; but nothing herein shall prevent an owner using or a seller of land from conveying part of a lot, plot or site separately or together with an adjoining lot, plot or site, subject to the provisions of local zoning ordinances. Whenever there is on file more than one map of the property to be abandoned, such property must be abandoned in the manner herein provided as to each of such maps. A copy of each certificate of abandonment must be filed with the assessor and/or board of assessors of each town and village wherein any portion of the property to be abandoned is situated, and the endorsement of approval by each such assessor and/or board of assessors must be endorsed on the original of each certificate presented to the county clerk for recording. An abstract of title to the property to be abandoned covering a period of at least twenty years last past, and a certificate of the County treasurer of Nassau county to the effect that there are no unpaid tax liens against such property, must be submitted to the county clerk and be approved by him at the time the certificate of abandonment and cancellation is offered for recording. Said certificates and abstracts shall be filed in the county clerk's office, a suitable index shall be kept of the same, and notice thereof shall be endorsed by the recording officer upon the map therein referred to at the time of recording the certificate of abandonment. Where the endorsement of approval of the town or village assessor above referred to includes a recitation to the effect that the municipality has duly adopted an urban renewal plan pursuant to article fifteen of the general municipal law which plan provides for adequate street access to all properties within and adjacent to the planning area, and further that the property to be abandoned is subject to said plan, and its abandonment is required thereunder, the clerk shall accept and record the certificate of abandonment tendered therefor regardless of the area thereof, and notwithstanding that the property to be abandoned is a portion of an opened or proposed street for which the consent to the abandonment thereof required in this sub

AN ACT to amend the real property law, in relation to abandoning and cancelling real property subdivisions in the county of Nassau

Became a law July 31, 1992, with the approval of the Governor. Passed on Home Rule request pursuant to Article IX, section 2(b) (2) of the Constitution by a majority vote, three-fifths being present.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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