N.Y. NPC Law § 1407

§ 1407. Alumni corporations.\n (a) Alumni may be incorporated.\n The alumni of any college or university, or of one or more colleges or\nschools of any university, may be incorporated by executing and filing a\ncertificate pursuant to article 4 of this chapter.\n (b) Type of corporation.\n An alumni corporation is a charitable corporation.\n (c) Powers.\n An alumni corporation may create, manage and control a fund, to be\nknown as the alumni fund, and for that purpose acquire and hold real and\npersonal property. The principal of such fund, or the income derived\ntherefrom, may be transferred to the college or university with which\nsuch corporation is identified, or used for and applied to such object\nor objects connected with such college or university as such alumni\ncorporation shall direct.\n (d) Alumni fund.\n The directors of an alumni corporation shall have the custody and\nmanagement of the alumni fund but shall not dispose of the whole or any\npart of the principal of any invested fund except as authorized by a\ntwo-thirds vote of the members of such corporation, present at an annual\nmeeting thereof.\n