Section 13-387. Trustees of funds; investments

a. The members of the board
  shall be the trustees of the monies received  by  or  belonging  to  the
  variable  supplements  fund  pursuant to this subchapter and, subject to
  the provisions of subdivision b of this section, shall have  full  power
  to  invest  same,  subject  to  the  terms,  conditions, limitations and
  restrictions imposed by  law  upon  savings  banks  in  the  making  and
  disposing  of  investments  by savings banks; and subject to like terms,
  conditions, limitations and restrictions, such trustees shall have  full
  power to hold, purchase, sell, assign, transfer or dispose of any of the
  securities  or  investments  in which any of such monies shall have been
  invested as well as of the proceeds  of  such  investments  and  of  any
  monies belonging to such fund.
    b.  The members of the board shall have the same investment powers and
  power to delegate such  powers  as  are  vested  by  the  code  and  the
  retirement  and  social  security  law  in  the  members of the board of
  trustees of the pension fund subchapter two.