N.Y. Banking Law § 100-d: Foreign common trust funds

§ 100-d. Foreign common trust funds. Any banking corporation or trust

company incorporated under the laws of another state which is qualified

to act as executor or testamentary trustee in this state pursuant to

subdivision three of section one hundred thirty-one of the banking law

may, when acting in either such capacity, invest any moneys received and

held by it in such capacity, either alone or in conjunction with one or

more other persons acting with it in such capacity, in any common trust

fund or funds maintained by it in accordance with the laws of the state

of its incorporation; provided that the will under which it is acting

does not specifically prohibit such investment and that the will under

which it is acting shall authorize the investment of such moneys in any

of the following; (a) in such a common trust fund; (b) in such

investments as such fiduciary or fiduciaries under such will may select

in the discretion of such fiduciary or fiduciaries; (c) generally in

investments other than those in which trustees are by law authorized to

invest trust funds; and provided that any banking corporation or trust

company incorporated under the laws of this state is permitted by the

laws of the state of incorporation of such foreign banking corporation

or trust company, when acting in similar fiduciary capacity in that

state, to invest any moneys received and held by it in such capacity in

any common trust fund or funds maintained by it in accordance with the

laws of this state.