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2016 New York Laws
BNK - Banking
Article 12-A - (Banking) MUTUAL TRUST INVESTMENT COMPANIES
553 - Investment by fiduciaries in shares.

NY Banking L § 553 (2016) What's This?
 553.  Investment  by fiduciaries in shares. Unless the instrument or
  the order, decree or judgment under which moneys are held in a fiduciary
  capacity prohibits such investment, an eligible fiduciary or fiduciaries
  may invest and reinvest moneys so held in shares of stock of one or more
  mutual trust investment companies as it may determine.

The net aggregate amount of  moneys  of  any  estate,  trust  or  fund
  invested in shares of a mutual trust investment company shall not at any
  time  exceed  the maximum amount permitted by such rules and regulations
  as may be promulgated by the superintendent of financial services.

"An eligible fiduciary or fiduciaries" shall be deemed to mean a trust
  company or a national banking association having  its  principal  office
  within the state of New York and acting either as sole fiduciary or with
  one or more co-fiduciaries.

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