N.Y. Banking Law § 553

§ 553. Investment by fiduciaries in shares. Unless the instrument or\nthe order, decree or judgment under which moneys are held in a fiduciary\ncapacity prohibits such investment, an eligible fiduciary or fiduciaries\nmay invest and reinvest moneys so held in shares of stock of one or more\nmutual trust investment companies as it may determine.\n The net aggregate amount of moneys of any estate, trust or fund\ninvested in shares of a mutual trust investment company shall not at any\ntime exceed the maximum amount permitted by such rules and regulations\nas may be promulgated by the superintendent of financial services.\n "An eligible fiduciary or fiduciaries" shall be deemed to mean a trust\ncompany or a national banking association having its principal office\nwithin the state of New York and acting either as sole fiduciary or with\none or more co-fiduciaries.\n