§ 18 — Trust funds; investment deposits; expenditures

Massachusetts § 18

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title II: EXECUTIVE AND ADMINISTRATIVE OFFICERS OF THE COMMONWEALTH
• Ch. 18B: DEPARTMENT OF SOCIAL SERVICES

Text

Section 18. The commissioner may receive funds in trust for the use of children born out of wedlock or other persons under the care or supervision of the department. The commissioner shall deposit such funds in savings banks in the commonwealth or in savings accounts in trust companies or national banks therein, or in paid-up shares and accounts of and in co-operative banks, or may use said funds to purchase share accounts of federal savings and loan associations located in the commonwealth and, when necessary, make expenditures from said funds for the benefit of or on behalf of the ward. All such funds received by the commissioner under this section shall be deposited in interest bearing accounts.