§ 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.