Section 16. He shall invest, reinvest and hold in the name of the commonwealth any money or securities, or the proceeds thereof, received from the department of education under section three of chapter sixty-nine, or from the trustees of the state library under section thirty-seven A of chapter six, and shall disburse the income or principal thereof, subject to the prior approval of the house and senate committees on ways and means, on the order of the commissioner, director or head of the department or agency having charge of the work in aid of which the gift or bequest was made, or on the order of the trustees of the state library in case of gifts or bequests for the use of the state library; provided, that no disposition of either income or principal shall be made which is inconsistent with the terms of the trust on which the property is held. He shall be responsible on his bond for the faithful management of all such property.