§ 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."