SECTION 1. Corporate status of department of youth services; holding and investing trust funds

The department of youth services shall be a corporation for the purpose of taking, holding and investing in trust for the commonwealth, subject to section fifteen of chapter ten, any grant or devise of land or any gift or bequest made at any time for the use of any institution of which said department has the management, government and care, and it shall succeed to and retain the rights, powers and duties formerly held or acquired by the division of youth service and by the youth service board, except as otherwise provided in said section fifteen and in this chapter.