§ 3701. Property to be held in trust for public schools. Real and
personal estate may be granted, conveyed, devised, bequeathed and given
in trust and in perpetuity or otherwise, to the state, or to the regents
or to the commissioner of education for the support or benefit of the
public schools, within the state, or within any part or portion of it,
or of any particular public schools within it; and to any county, or the
district superintendents of any county, or to any city or any board of
officers thereof, or to any supervisory district or its superintendent,
or to any town, or supervisor of a town, or to any school district or
its trustees or board of education, for the support and benefit of
public schools within such county, city, supervisory district, town or
school district, or within any part or portion thereof respectively, or
for the support and benefit of any particular public schools therein.
No such grant, conveyance, devise or bequest shall be held void for the
want of a named or competent trustee or donee, but where no trustee or
donee, or an incompetent one is named, the title and trust shall vest in
the people of the state, subject to its acceptance by the legislature,
but such acceptance shall be presumed.