2006 New York Code - Rules Governing Accumulations

 
  § 9-2.1 Rules governing accumulations
    (a)  All  directions  for  the  accumulation of income are void unless
  authorized by statute.
    (b) A direction for the  accumulation  of  income  is  valid  if  such
  accumulation  is  to  begin and terminate within the time allowed by the
  rule against perpetuities. An accumulation directed to  continue  for  a
  period extending beyond the expiration of such time terminates upon such
  expiration.
    (c)  Where  property  is  disposed  of  in  trust  for  any religious,
  charitable, educational  or  benevolent  purpose  and  no  valid  future
  estate,  except for a similar purpose, is created by such disposition, a
  direction for the accumulation by the trustee  of  income  received  for
  such  purpose  is  valid  without  regard  to  the  time  at  which  the
  accumulation is to begin  or  to  terminate,  but  the  accumulation  is
  subject  to  the  supervision  and  control  of the supreme court or the
  surrogate's court as provided in 8-1.1.
    (d) The income from a trust created by an employer, as part of a stock
  bonus, a pension, disability or death benefit  or  profit-sharing  plan,
  for  the  exclusive  benefit  of  some or all of his employees, to which
  contributions are made by such employer or employees or  both,  for  the
  purpose  of  distributing  to such employees the income or principal, or
  both, of the trust, may be accumulated until the funds  are  sufficient,
  in the opinion of the employer, to accomplish the purposes of such plan.