Section 490-E. Powers and duties of trustee or trustees

It shall be the
  duty of the corporate trustee or the board of trustees, as the case  may
  be, to collect the initial contribution to the fund, to call for, and to
  collect by legal proceedings if necessary, such subsequent contributions
  as  become  payable  under the terms of the agreement, and to administer
  the fund so created in accordance with the terms of the agreement.  Such
  part  of  the  fund as is not required to be kept on hand or in bank for
  the purpose of meeting and satisfying demands made by the superintendent
  pursuant to the next succeeding section, may be invested in  obligations
  of  the United States and of the state of New York, and of any county or
  municipality of the state of New York.