Property of Public institutions managed by municipal authorities to be held in trust.-

(1) All property endowments and funds belonging to any public institution with the management, control and administration of which the Corporation is charged under the provisions of this Act or of any other enactment for the time being in force, shall vest in the Corporation in trust for the purposes to which such property, endowments and funds may lawfully be applied. (2) The Corporation may with the sanction of the Central Government, transfer to Central Government every property, endowments and funds so vested in it in trust under sub-section (1):