Authority of trustee to accumulate income

§ 8-1.7 Authority of trustee to accumulate income\n (a) Where property has been transferred in trust for any religious,\ncharitable, educational or benevolent purpose, or acquired by the\ntrustee of a trust for such purpose, the trustee is authorized in his\ndiscretion, notwithstanding the absence of any direction therefor in the\ndisposition creating the trust, to accumulate the income therefrom to\nthe extent necessary to carry out the purposes of the trust. The\nauthority herein granted is subject:\n (1) To any express or implied prohibition by the terms of the\ndisposition creating the trust, by any statute in force at the time of\nthe accumulation or by the charter of a corporate trustee or other\ndocument or regulation controlling the trustee in the administration of\nthe trust.\n (2) To the supervision of the supreme court or the surrogate's court,\nas provided in 8-1.1, and to any contrary direction by order of the\ncourt in an action or proceeding thereunder.\n (b) This section shall not restrict in any manner the appropriation\nfor expenditure or accumulation of endowment funds as set forth in\nsection 553 of the not-for-profit corporation law.\n