New York § 14 - 14Trust funds for Indians

§ 14. 14Trust funds for Indians

§ 14. Trust funds for Indians. The departments of education and charities, respectively, for the purposes hereinafter specified, shall receive from any nation, tribe or band of Indians residing in the state, any sums of money which such Indians may wish to put in trust with the state of New York, upon condition that the interest or income thereof shall be paid over and applied, under the direction and in the discretion of the department of education, for the promotion of education among the Indians, and under the direction and in the discretion of the department of charities, for the encouragement of religion among the Indians, or for any other purpose of public interest, use and benefit, which is a proper subject of taxation. Such money shall be in the custody and under the immediate charge of the head of the division of finance in the department of taxation and finance and, under the direction of the department by which it was received as provided in this section, invested by the comptroller in safe securities or in bonds of the state bearing interest at the rate of five per centum, to be created and issued therefor, and called "The Indian loans."