2013 New York Consolidated Laws
RCO - Religious Corporations
Article 2 - (3 - 27) GENERAL PROVISIONS
5-A - Investment of funds.

 
    §  5-a.  Investment  of  funds.  Subject  to the discipline, rules and
  usages of the corporation and of the ecclesiastical governing  body,  if
  any,  to which the corporation is subject and subject to the limitations
  and conditions contained in any gift, devise or bequest, and subject  to
  any applicable provisions of law with respect to the investment of funds
  for the perpetual care and maintenance of cemetery lots, the trustees of
  every  religious  corporation,  created by or under a general or special
  law, may invest the  funds  of  such  corporation  in  such  securities,
  investments  or  other  property,  real  or  personal, located within or
  without the state of New York, as to them shall seem  advisable  without
  being restricted to those classes of securities which are lawful for the
  investment  of trust funds under the laws of this state. The trustees of
  an incorporated Roman Catholic church, or of a Ruthenian Greek  Catholic
  church,  shall  not  invest  its  funds as in this sub-division provided
  without the consent of the archbishop or bishop of the diocese to  which
  such  church  belongs  or  in case of their absence or inability to act,
  without the consent of  the  vicar  general  or  administrator  of  such
  diocese.