Section 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."