Section 95. Abandoned property fund

1. The state comptroller shall maintain
  a  special  fund  to  be known as the abandoned property fund. Such fund
  shall consist of all moneys paid to him pursuant to  the  provisions  of
  the  abandoned  property law and all moneys which by law are required to
  be paid into  such  fund.  All  personal  property,  other  than  money,
  delivered to him pursuant to the abandoned property law, or which by law
  shall  be  delivered  to  him  for  the  benefit  of such fund, shall be
  retained by him until sold pursuant to the provisions of  the  abandoned
  property law in trust for the benefit of such fund.
    2.  Annually,  the  comptroller  shall  file  with the director of the
  budget an itemized estimate of the expenses for  the  administration  of
  the  abandoned  property  fund for the ensuing year. The director of the
  budget may revise and amend  such  estimate.  After  such  revision  and
  amendment, if any, such director shall approve the same for inclusion in
  the  executive  budget.  No  moneys  shall  be paid out of the abandoned
  property fund for such expenses unless expenditures therefor shall  have
  been  authorized  by  law;  provided,  however, that the expenses of any
  audits conducted by  the  state  comptroller  to  assure  compliance  by
  holders  of  unclaimed  property  with  the  provisions of the abandoned
  property law paid by the state comptroller pursuant to an appropriation,
  shall be reimbursed by a transfer  of  funds  no  more  frequently  than
  monthly, from any balance remaining in the abandoned property fund prior
  to  any  payment made pursuant to the provisions of subdivision three of
  this section.
    3. Whenever the amount of moneys in the abandoned property fund as  of
  the  last  day  of  any month shall exceed the greater of the sum of six
  million dollars or an amount which in the comptroller's sole  discretion
  is  necessary to satisfy claims against such fund during the immediately
  succeeding month, the comptroller shall draw a warrant or  voucher  upon
  such  special  fund  for  the amount in excess of such sum and shall pay
  such amount into the state treasury to the credit of the  general  fund.
  Notwithstanding  the  foregoing, the comptroller and the director of the
  budget or their respective designees shall review the balance  remaining
  in  the  abandoned  property  fund  as  of the last day of the months of
  March, June, September and December in each year, as soon as practicable
  after each such date, and may mutually agree upon an amount to  be  paid
  from  such  fund  into  the  state treasury to the credit of the general
  fund, which may cause the balance in such fund to fall below six million
  dollars; provided, however, in no event shall the amount  of  moneys  in
  the  abandoned property fund exceed seven hundred fifty thousand dollars
  at the end of the last day of the fiscal year.
    4. All moneys in the abandoned property fund shall be deposited by the
  state comptroller in one or more state banks, trust companies or savings
  banks. Any interest received by the comptroller upon  any  such  deposit
  and  any  interest  or  other  moneys  received by him on account of any
  personal property other than money, retained by him for the  benefit  of
  such  fund,  shall be the property of the state and shall be credited to
  such fund.