N.Y. Education Law § 5705: Extent to which property may be held

§ 5705. Extent to which property may be held. The said corporation

may take and hold real and personal property to such an amount as may be

or become necessary for the proper conduct and support of the several

departments of education heretofore established or hereafter to be

established by its board of trustees, and such real and personal

property as has been, or may hereafter be given to said corporation by

gift, grant, devise or bequest in trust or otherwise, for the use and

purposes permitted by its charter, and in cases of trusts so created,

the several trust estates shall be kept distinct, and the interest or

income shall be faithfully applied to the purposes of such respective

trusts, in accordance with the provisions of the acts or instruments by

which the respective trusts were created.