Section 34. The state treasurer may, with the approval of the governor and council, receive and hold in trust for the commonwealth, exempt from taxation, any grant or devise of lands or rights in land, and any gift or bequest of money or other personal property, made for the purposes of the preceding section, and shall preserve and invest the proceeds thereof in notes or bonds secured by good and sufficient mortgage or other securities. Said trust property shall be known as the Division of State Parks and Recreation Trust Fund and shall be used and expended under the direction of the division and subject to its orders. Subject to the terms of any such grant, gift, devise or bequest, the division may expend such funds, whether principal or income.
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