Arrangements purporting to be binding permanently or for a term of years

Arrangements purporting to be binding permanently or for a term of years. When a municipality has entered into any arrangement or made any promise purporting to bond 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 municipality or its successors with the sanction of the State Government to cancel such arrangement or promise, or to discontinue, or to diminish such yearly contribution, provided that it shall have given atleast twelve months’ notice of its intention so to do to the manager or managers of such institution.