§ 502. Retirement system. 1. The "New York state teachers' retirement system" is hereby continued.
2. Such retirement system shall have the powers and privileges of a corporation, and under its corporate name, or in the name of its nominees, all of its business shall be transacted, all funds invested, all warrants for money drawn and payments made, and all cash and securities and other property shall be held.
3. In accordance with paragraph two of subsection a of section four hundred one of the Internal Revenue Code, it shall be impossible at any time prior to the satisfaction of the retirement system's liabilities to its members and their beneficiaries under law, for any part of the assets of the retirement system, or income thereon, to be (within any taxable year or thereafter) used for, or diverted to, purposes other than for the exclusive benefit of the members of the retirement system or their beneficiaries.
