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