Section 17B: Trust funds; receipt, disbursement and investment
140 words·~1 min read·
/ma/part-i/title-ii/chapter-10/17bA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 17B. The state treasurer may receive the principal of any funds given or bequeathed to the commonwealth or to any department, office, commission, board or institution where there is no specific statutory authority to receive said fund; provided, however, that acceptance of said fund shall be subject to the approval of the governor. Upon request of the agency the state treasurer shall, subject to appropriation, expend the income of the fund, and such parts of the principal as may be subject to the control of the agency, in such manner as the agency may direct, subject to any condition affecting the administration thereof.
Such funds shall be invested safely by the state treasurer, and he shall be responsible for the faithful management of the same to the same extent that he is responsible for other funds held by him.