Section 423. Investments

a. On and after April first, nineteen hundred
  sixty-seven, the comptroller shall invest the available  monies  of  the
  common  retirement  fund in any investments and securities authorized by
  law for each retirement system and shall hold such  investments  in  his
  name  as  trustee  of  such fund, notwithstanding any other provision of
  this chapter. Participating  interests  in  such  investments  shall  be
  credited  to  each  retirement  system  in  the  manner  and at the time
  specified in paragraph two of section four hundred  twenty-two  of  this
  article.
    b.  To assist in the management of the monies of the common retirement
  fund, the comptroller shall appoint  an  investment  advisory  committee
  consisting  of  not less than seven members who shall serve for his term
  of office. A vacancy occurring from any cause other than  expiration  of
  term  shall  be filled by the comptroller for the remainder of the term.
  Each member of the committee  shall  be  experienced  in  the  field  of
  investments  and  shall  have  served,  or shall be serving, as a senior
  officer or  member  of  the  board  of  an  insurance  company,  banking
  corporation  or other financial or investment organization authorized to
  do business in the state of New York. The  committee  shall  advise  the
  comptroller  on investment policies relating to the monies of the common
  retirement fund and shall review, from  time  to  time,  the  investment
  portfolio  of  the  fund  and make such recommendations as may be deemed
  necessary.
    The comptroller shall appoint a separate mortgage advisory  committee,
  with  the  advice  and  consent of the investment advisory committee, to
  review proposed mortgage and  real  estate  investments  by  the  common
  retirement  fund.  In  making  investments,  as  authorized  by law, the
  comptroller shall be guided by policies established  by  each  committee
  from  time  to  time;  and, in the event the mortgage advisory committee
  disapproves a proposed mortgage or real estate  investment,  such  shall
  not be made.
    No  officer  or  employee  of  any state department or agency shall be
  eligible for  membership  on  either  committee.  Each  committee  shall
  convene  periodically  on  call  of  the  comptroller, or on call of the
  chairman.  The  members  of  each  committee  shall   be   entitled   to
  reimbursement  for their actual and necessary expenses but shall receive
  no compensation for their services.