N.Y. Educ. Law § 5705

§ 5705. Extent to which property may be held. The said corporation\nmay take and hold real and personal property to such an amount as may be\nor become necessary for the proper conduct and support of the several\ndepartments of education heretofore established or hereafter to be\nestablished by its board of trustees, and such real and personal\nproperty as has been, or may hereafter be given to said corporation by\ngift, grant, devise or bequest in trust or otherwise, for the use and\npurposes permitted by its charter, and in cases of trusts so created,\nthe several trust estates shall be kept distinct, and the interest or\nincome shall be faithfully applied to the purposes of such respective\ntrusts, in accordance with the provisions of the acts or instruments by\nwhich the respective trusts were created.\n