N.Y. Social Services Law § 479: Designation of depository of funds

§ 479. Designation of depository of funds. 1. It shall be the duty

of the board of trustees or managers of each charitable or benevolent

institution in this state, supported in whole or in part by moneys

received from the state, or by any county, city or town thereof, to

designate by resolution, to be entered upon their minutes, some duly

incorporated national or state bank or trust company as the depository

of the funds of such institution.

2. After such designation, it shall be the duty of the treasurer of

each such charitable or benevolent institution immediately to deposit in

the bank or trust company so designated, in his name as treasurer of the

institution, naming it, all funds of the institution which may come into

his possession.