N.Y. Religious Corporations Law § 5-a: Investment of funds

§ 5-a. Investment of funds. Subject to the discipline, rules and

usages of the corporation and of the ecclesiastical governing body, if

any, to which the corporation is subject and subject to the limitations

and conditions contained in any gift, devise or bequest, and subject to

any applicable provisions of law with respect to the investment of funds

for the perpetual care and maintenance of cemetery lots, the trustees of

every religious corporation, created by or under a general or special

law, may invest the funds of such corporation in such securities,

investments or other property, real or personal, located within or

without the state of New York, as to them shall seem advisable without

being restricted to those classes of securities which are lawful for the

investment of trust funds under the laws of this state. The trustees of

an incorporated Roman Catholic church, or of a Ruthenian Greek Catholic

church, shall not invest its funds as in this sub-division provided

without the consent of the archbishop or bishop of the diocese to which

such church belongs or in case of their absence or inability to act,

without the consent of the vicar general or administrator of such

diocese.