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