Section 420-C. General powers of the fund

Except as otherwise limited by
  this article, the fund shall have power:
    1. To sue and be sued;
    2. To have a seal and alter the same at pleasure;
    3. To  borrow  money  and  issue  negotiable  notes,  bonds  or  other
  obligations and to provide for the rights of the holders thereof;
    4. To invest any funds held in reserve or sinking funds, or any monies
  not required for immediate use or disbursement, at the discretion of the
  fund,  in  obligations  of  the state or the United States government or
  obligations the principal and interest of which are  guaranteed  by  the
  state or the United States government;
    5.  Subject  to  the  approval  of  the  superintendent  of  banks, to
  establish rules and regulations governing the exercise of its powers and
  the fulfillment of its purposes under this article;
    6. To enter into contracts and leases and to execute  all  instruments
  necessary or convenient;
    7.  To  acquire,  hold and dispose of real or personal property in the
  exercise of its powers;
    8. To appoint such officers and employees as it may  require  for  the
  performance   of   its   duties,   and   to   fix  and  determine  their
  qualifications,  duties,  and  compensation  and  to  retain  or  employ
  auditors,  engineers  and  private  consultants  on  a contract basis or
  otherwise for rendering professional or technical services  and  advice,
  and  with the approval of the attorney general of the state of New York,
  to retain or employ counsel;
    9. To conduct investigations and hearings in the  furtherance  of  its
  general  purposes,  and in aid thereof have access to any books, records
  or papers relevant thereto; and if any person whose testimony  shall  be
  required for the proper performance of the duties of the fund shall fail
  or  refuse to aid or assist the fund in the conduct of any investigation
  or hearing, or to produce any relevant books, records or  other  papers,
  the fund is authorized to apply for process of subpoena, to issue out of
  any  court of general original jurisdiction whose process can reach such
  person, upon due cause shown;
    10. In the performance of the fund's duties, to utilize  the  services
  of   employees  of  the  banking  department,  reimbursing  the  banking
  department for such services and expenses therein;
    11. To do all things necessary, convenient or desirable to  carry  out
  its purposes and for the exercise of the powers granted in this article.