Section 16: Termination of trust
116 words·~1 min read·
/ma/part-i/title-iii/chapter-29c/16·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 16. The trust and its existence shall continue until terminated by law; provided, however, that no such law shall take effect so long as the trust shall have bonds outstanding unless adequate provision has been made for the payment or satisfaction thereof. Upon termination of the trust, the title to the fund and all other properties of the trust which remain after provision for the payment or satisfaction of all bonds of the trust shall vest in the commonwealth. The obligations, debts and liabilities of the trust shall be assumed by and imposed upon the commonwealth, and shall be transferred to the state treasurer or to such other successor as the general court may designate.