Whenever, for any reason, the Commissioner deems it expedient, any lump sum which is to be paid as provided in section 653 of this title shall be paid by the employer to some bank, banking institution, or trust company to be appointed by the Commissioner as trustee to administer or apply the same for the benefit of the persons entitled thereto in the manner provided by the Commissioner. The payment of such money by the employer, evidenced by the receipt of the trustee, shall operate as a satisfaction of the compensation. In the appointment of such trustee preference shall be given, in the discretion of the Commissioner, to the choice of the employee or the dependents of the deceased employee. The expense of the administration of such trust shall be fixed by the Commissioner and shall be a charge upon the compensation so deposited.