There is hereby created in the state treasury a special fund to be known as the veterans' reserve fund of $1,000,000.00. There is hereby appropriated from the general fund the sum of $1,000,000.00 in the establishment of said fund.

     Said veterans' reserve fund shall be expended under the supervision and direction of the state administrative board to provide for the hospitalization, medical treatment, education and such emergency care and assistance as may be found necessary during the war period for the returning veterans of Michigan. Such appropriation shall be expended as provided in the accounting laws of the state.