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.