N.Y. Banking Law § 283

§ 283. Management of fund. The fund shall be collected, held,\nadministered and disbursed by a corporate trustee or a board of trustees\ncomposed of individuals who are trustees of mutual savings banks, either\nof which shall be approved by the superintendent of financial services,\nwhich corporate trustee or board of trustees are hereinafter referred to\nas the trustee. In the event there be a board of individual trustees, a\nmajority of them at any time in office shall constitute a quorum, and\nthe vote of a majority at any meeting, provided a quorum be present,\nshall be determinative and any action taken pursuant thereto be the\naction of the trustee.\n