The State Treasurer shall be the custodian of the fund and all disbursements therefrom shall be paid by him by check upon request by the board. It shall not be necessary for the State Treasurer to audit the accounts which the requisition of the board calls upon him to pay, and for making payments without audit, the State Treasurer shall not be under any liability whatsoever. The State Treasurer may deposit any portion of the fund not needed for immediate use as other state funds are lawfully deposited. The interest shall be placed to the credit of the fund.
52 P.S. § 3206