Section 4608. Application

(a) Every system organized or created under this
  chapter  shall  be  subject  to  the  provisions  of  this  article,  to
  subsection  (g) of section one thousand one hundred two of this chapter,
  to the appropriate provisions of articles one, three and seventy-four of
  this chapter, and to articles thirteen and  fourteen  of  this  chapter,
  insofar  as  applicable to the assets and investments of a domestic life
  insurance company, except that the provisions of  section  one  thousand
  four  hundred  four (and the provisions therein that relate specially to
  retirement systems) shall be applicable instead  of  the  provisions  of
  section one thousand four hundred five of this chapter.
    (b) Article seventeen of this chapter is applicable to any such system
  for  the  purpose of investing in the stock of a domestic life insurance
  company organized on a restricted plan pursuant  to  the  provisions  of
  subsection  (b) of section four thousand two hundred two of this chapter
  and for investing in or otherwise acquiring subsidiaries  of  the  types
  described in section one thousand seven hundred four of this chapter.
    (c)  Section  four thousand two hundred forty of this chapter shall be
  applicable to any such system  in  which  the  total  present  value  of
  benefits  provided by the employer for members in active service exceeds
  fifty million dollars, subject to such modifications in the  application
  of the provisions of such section as the superintendent may prescribe by
  rules  and  regulations  not  inconsistent  with  the provisions of this
  chapter, as may be  appropriate  to  carry  out  the  purposes  of  this
  article.