(1) He shall obtain insurance adequate to cover the sum of the student funds held by him as trustee. This obligation may be satisfied through the coverage of insurance plans available through the Commonwealth. If not available through the Commonwealth, the insurance may be obtained commercially, provided that the policy is adequate to cover the sum of the student accounts. The cost of such commercial insurance shall be borne by the Commonwealth.

(2) He shall apply for, receive and hold for any child, funds or other property to which the child is entitled. Money or other property so held for the child shall be distributed to the child, or on behalf of the child, as the superintendent of the school determines to be in the best interests of the child.

(3) He may not hold an amount in excess of ten thousand dollars at any one time for any one child but shall, on behalf of a child with an estate in excess of ten thousand dollars, request the attorney general to make application to the local orphans' court for the appointment of a guardian for such child, and the superintendent shall turn over to such guardian all funds or property held on behalf of such child.

(4) He shall keep accurate accounts of all receipts and disbursements and deliver said accounts and balance of funds to any guardian appointed of the court.

(5) He shall deliver to such child, or his legal guardian, a complete accounting of all receipts and disbursements when the child leaves the school, or upon his death to his heirs or personal representatives. The trustee relationship of the superintendent to the child shall continue until the child reaches age twenty-one.