Pennsylvania Statutes Title 24 P.S. Education § 802. Trustee of property conveyed to school district by academy or seminary;  appointment;  duties and compensation

In all cases where the trustees of any academy or seminary of this commonwealth, which received money or land therefrom for educational purposes, have conveyed the real estate, buildings and property and funds of, or belonging thereto, to the board of directors, and their successors in office, of the common schools of the district in which the main building thereof was situated, in pursuance of the authority contained in section sixteen of the act of April 11, 1862,  1 and when the amount or value of such estate, real and personal, still remaining unused and unexpended by the said school district, exceeds ten thousand dollars ($10,000), it shall be the duty of the court of common pleas of the proper county, upon the petition of the majority of the board of school directors of said school district presented for that purpose, to appoint a suitable person as trustee of said estate thus transferred and still remaining unexpended, who shall receive the same, collect the money due upon the securities and convert the stock into money, if deemed for the best interest of the district, and invest and keep invested, from time to time, all moneys received or collected at interest in bonds or mortgages upon real estate or in the interest-bearing debt of the state or of the United States, as may be approved by said court, and pay over the interest or income thereof regularly to the treasurer of said school district for the purposes aforesaid, first deducting therefrom all reasonable expenses attending the execution of the trust, including a compensation to said trustee, not exceeding four per cent. upon the income received.