N.Y. RCO Law § 5-A

§ 5-a. Investment of funds. Subject to the discipline, rules and\nusages of the corporation and of the ecclesiastical governing body, if\nany, to which the corporation is subject and subject to the limitations\nand conditions contained in any gift, devise or bequest, and subject to\nany applicable provisions of law with respect to the investment of funds\nfor the perpetual care and maintenance of cemetery lots, the trustees of\nevery religious corporation, created by or under a general or special\nlaw, may invest the funds of such corporation in such securities,\ninvestments or other property, real or personal, located within or\nwithout the state of New York, as to them shall seem advisable without\nbeing restricted to those classes of securities which are lawful for the\ninvestment of trust funds under the laws of this state. The trustees of\nan incorporated Roman Catholic church, or of a Ruthenian Greek Catholic\nchurch, shall not invest its funds as in this sub-division provided\nwithout the consent of the archbishop or bishop of the diocese to which\nsuch church belongs or in case of their absence or inability to act,\nwithout the consent of the vicar general or administrator of such\ndiocese.\n