Sec. 7200.4. Powers of trustees

In the exercise of the authority granted the trustees, the trustees shall have the power to:

(a) receive, hold, manage and distribute 50 per centum of the monies collected pursuant to the provisions of section 468-a of the Judiciary Law and such other monies as may be credited or otherwise transferred from any other fund or source, pursuant to law, including voluntary contributions together with any interest accrued thereon. All deposits of such revenues not otherwise required for the payment of claims shall be secured and invested as required by the provisions of section 97-t of the State Finance Law. For purposes of this subdivision, monies transferred from any other fund or source shall include monies paid to the Lawyers’ Fund for Client Protection pursuant to Part 1200, Rules of Professional Conduct, Rule 1.15(f) and (g) of this Title, including earned interest, except that such monies shall not be available for use by the lawyers’ fund unless the fund is unable to ascertain the identity of the person or persons entitled to such monies or, during the five years following payment of such monies to the fund, the fund has been unable to locate that person or persons, and no valid claim has otherwise been made upon such monies. The lawyers’ fund’s use of such monies shall not extinguish a future valid claim to such monies by persons entitled thereto.

(b) adopt regulations for the administration of the fund and procedures for the presentation, determination and payment of claims, including the establishment of a maximum limitation for awards to claimants;

(c) investigate claims for reimbursement of losses as the trustees deem appropriate using staff and other available resources;

(d) coordinate and cooperate with the Appellate Divisions of the Supreme Court in the investigation of claims;

(e) examine witnesses and, in accordance with the provisions of the Civil Practice Law and Rules and the regulations of the trustees, administer oaths or affirmations and issue subpoenas;

(f) hold such hearings, interviews or informal meetings as the trustees deem appropriate;

(g) determine, in the trustees' sole discretion, the merits of claims presented for reimbursement, the amount of reimbursement to be awarded, the terms under which reimbursement shall be made and the order of payment;

(h) prosecute claims for restitution to which the fund may be entitled;

(i) employ and at pleasure remove employees, legal counsel, agents and consultants, and fix their compensation within the amounts made available therefor;

(j) furnish the Court of Appeals with such reports and audits as the court may require; and

(k) perform all other acts necessary or proper for the fulfillment of the purposes of the fund and its effective administration.