§ 14 — Trust funds for Indians

New York § 14

• Jurisdiction: New York
• Law IND: Indian
• Art. 2: General Provisions

Text

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