Power to cancel arrangements

Where a Council has entered into any arrangement or made any promise, purporting to bind it or its successors for a term of years or for an unlimited period to continue to any educational or charitable institution a yearly contribution from the Municipal property or fund, it shall be lawful for the Council or its successors, with the sanction of the Government, to cancel such arrangement or promise or to discontinue, or to diminish such yearly contribution, provided that it shall have given at least twelve months' notice of its intention so to do to the manager or managers of such institution.