Mass. Gen. Laws ch. 29C § 16
Current through Chapters 1 to 249 and Chapters 253 to 255 of the 2024 Legislative Session
The trust and its existence shall continue until terminated by law; provided, however, that no such law shall take effect so long as the trust shall have bonds outstanding unless adequate provision has been made for the payment or satisfaction thereof. Upon termination of the trust, the title to the fund and all other properties of the trust which remain after provision for the payment or satisfaction of all bonds of the trust shall vest in the commonwealth. The obligations, debts and liabilities of the trust shall be assumed by and imposed upon the commonwealth, and shall be transferred to the state treasurer or to such other successor as the general court may designate.
Mass. Gen. Laws ch. 29C, § 16