Property of public institutions managed by municipal authority 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, endowment and funds may lawfully be applied.

1. (2) The Corporation may, with the sanction of the State Government, transfer to Government any property, endowments and funds so vested in it in trust under sub-section (1): Provided that no trusts of public rights subject to which such property, endowments and funds are held shall be affected by such transfer.