N.Y. Estates, Powers & Trusts Law § 8-1.7: Authority of trustee to accumulate income

§ 8-1.7 Authority of trustee to accumulate income

(a) Where property has been transferred in trust for any religious,

charitable, educational or benevolent purpose, or acquired by the

trustee of a trust for such purpose, the trustee is authorized in his

discretion, notwithstanding the absence of any direction therefor in the

disposition creating the trust, to accumulate the income therefrom to

the extent necessary to carry out the purposes of the trust. The

authority herein granted is subject:

(1) To any express or implied prohibition by the terms of the

disposition creating the trust, by any statute in force at the time of

the accumulation or by the charter of a corporate trustee or other

document or regulation controlling the trustee in the administration of

the trust.

(2) To the supervision of the supreme court or the surrogate's court,

as provided in 8-1.1, and to any contrary direction by order of the

court in an action or proceeding thereunder.

(b) This section shall not restrict in any manner the appropriation

for expenditure or accumulation of endowment funds as set forth in

section 553 of the not-for-profit corporation law.