The State Treasurer is authorized, with the approval of the Commissioner of Energy and Environmental Protection, to receive and hold in trust for the state, exempt from taxation, any grant or devise of land or rights in land and any gift or bequest of money or other personal property made for the purposes of this chapter, and shall preserve and invest any funds so received in such securities as trustees are permitted to invest in. Such invested funds shall be known as the State Park Fund and shall be used and expended under the direction of said commissioner and subject to his orders.