In re the Accounting of the Bank of New York

Petitioner, a trustee of a discretionary common trust fund, brought this proceeding to settle the intermediate account of its proceedings for the period from September 30, 1964 through September 30, 1968. Under section 100-c of the Banking Law, trustees of discretionary common trust funds are required to render intermediate accountings' at four-year intervals. The guardian ad litem for principal interests, appointed pursuant to ¡subdivision 2 of section 100-c of the Banking Law, interposed objections to petitioner’s account in respect of four investments on which losses were sustained during…