N.Y. Indian Law § 14: Trust funds for Indians

§ 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."