N.Y. Banking Law § 553: Investment by fiduciaries in shares

§ 553. Investment by fiduciaries in shares. Unless the instrument or

the order, decree or judgment under which moneys are held in a fiduciary

capacity prohibits such investment, an eligible fiduciary or fiduciaries

may invest and reinvest moneys so held in shares of stock of one or more

mutual trust investment companies as it may determine.

The net aggregate amount of moneys of any estate, trust or fund

invested in shares of a mutual trust investment company shall not at any

time exceed the maximum amount permitted by such rules and regulations

as may be promulgated by the superintendent of financial services.

"An eligible fiduciary or fiduciaries" shall be deemed to mean a trust

company or a national banking association having its principal office

within the state of New York and acting either as sole fiduciary or with

one or more co-fiduciaries.