Sec. 3-40. Treasurer to have care and management. - Connecticut Statutes

      Sec. 3-40. Treasurer to have care and management. The Treasurer shall have the care and management of the School Fund and the Agricultural College Fund, loan and invest the principal thereof and have the care of the income from the same; but no loans from the School Fund shall be made outside of the state. He shall give a bond in the sum of one hundred thousand dollars, with surety to the state, conditioned for the faithful performance of his duties in the care and management of said funds, and shall report annually to the Governor, as provided by section 4-60, with such suggestions as he deems important.

      (1949 Rev., S. 131; September, 1957, P.A. 11, S. 13.)

      See Sec. 3-34 re Treasurer's authority to vote on bank stock owned by School Fund.

      See Sec. 3-37 re Treasurer's report re School and Agricultural College Funds.

      See Sec. 10a-115 re Agricultural College Fund generally.

      See Sec. 12-178 re precedence of School or Agricultural College Fund mortgage over lien consisting of assessed taxes.

      State acts in sovereign capacity and is not affected by discharge in bankruptcy. 47 C. 400. Priority of fund over municipal assessment; power of legislature. 81 C. 12.