2006 New York Code - Investment Authority.

 
  § 512. Investment authority.
    In  addition  to  an  investment otherwise authorized by law or by the
  applicable gift instrument, and without  restriction  to  investments  a
  fiduciary  may  make,  the  governing  board,  subject  to  any specific
  limitations set forth in  the  applicable  gift  instrument  or  in  the
  applicable  law  other  than law relating to investments by a fiduciary,
  and subject to the provisions of section  717  (Duty  of  directors  and
  officers), may:
    (1)  invest  and  reinvest  an  institutional fund, in the name of the
  corporation or in the name of a nominee of the corporation, in any  real
  or personal property deemed advisable by the governing board, whether or
  not  it  produces  a current return, including mortgages, stocks, bonds,
  debentures,  and  other   securities   of   profit   or   not-for-profit
  corporations, shares in or obligations of associations, partnerships, or
  individuals,  and  obligations  of  any  government  or  subdivision  or
  instrumentality thereof;
    (2) retain property contributed by a donor to  an  institutional  fund
  for  as long as the governing board deems advisable, taking into account
  any request by the donor to do so;
    (3) include all or any part of an institutional fund in any pooled  or
  common  fund  available  for  investment  which  is  maintained  by  the
  corporation; and
    (4) invest all or any part of  an  institutional  fund  in  any  other
  pooled  or  common  fund  available  for investment, including shares or
  interests in regulated investment companies, mutual funds, common  trust
  funds,  investment  partnerships,  real  estate  investment  trusts,  or
  similar organizations in  which  funds  are  commingled  and  investment
  determinations are made by persons other than the governing board.