N.Y. Soc. Serv. Law § 479

§ 479. Designation of depository of funds. 1. It shall be the duty\nof the board of trustees or managers of each charitable or benevolent\ninstitution in this state, supported in whole or in part by moneys\nreceived from the state, or by any county, city or town thereof, to\ndesignate by resolution, to be entered upon their minutes, some duly\nincorporated national or state bank or trust company as the depository\nof the funds of such institution.\n 2. After such designation, it shall be the duty of the treasurer of\neach such charitable or benevolent institution immediately to deposit in\nthe bank or trust company so designated, in his name as treasurer of the\ninstitution, naming it, all funds of the institution which may come into\nhis possession.\n