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(1) The Corporation shall, for the purposes of this Act, have power to acquire and hold movable and immovable property or any interest therein whether within or without the limits of the City. (2) All immovable and other porperty, wherever situate, which on the date immediately preceding the appointed day vested— (a) in any municipality or local authority which has been superseded by or under this Act in consequence of the inclusion in the City of the area for which it was constituted, or (b) in 2[the State Government] by reason of the supersession or dissolution of such municipality or local authority under any law relating to such municipality or local authority, shall upon and after the said day vest in and be held by the Corporation having jurisdiction in such City as trustees for the purposes of this Act but subject to all trusts, charges and liabilities affecting the same. (3) All primary schools, with their lands, buildings, records and equipment, and all other properties, movable or immovable, which on the date immediately preceding the appointed day vested, under the provisions of section 12 of the Bombay Primary Education Act, 1947, in the District School Board of the district in which such City is situate in respect of any area which is included in such City shall, upon and after the said day, vest in, and be held by, the Corporation as trustees for the purposes of this Act, but subject to all trusts, charges and liabilities affecting the same: 1. This word was substituted for the word “Provincial” by the Adaptation of Laws Order, 1950. Provided that in the event of any question, dispute or doubt arising as to whether any particular property shall so vest in and be held by the Corporation, the matter shall be referred to the 1[State] Government whose decision thereon shall be final. (4) The 1[State] Government may, by order in writing, direct that any immovable or other property situate in, or pertaining to, an area included within the limits of any City which, on the appointed day, was vested in a local authority whose jurisdiction extended beyond such area shall vest in and be held by the Corporation as trustees for the purposes of this Act, but subject to all trusts, charges and liabilities affecting the same. (5) Any immovable property which may be transferred to the Corporation by the Government shall be held by it subject to such conditions, including resumption by the Government on the occurrence of a specified contingency, and shall be applied to such purposes as the Government may impose or specify when the transfer is made: 1[Provided that in the event of the resumption of any immovable property by the State Government otherwise than only for a breach of any condition on which the property was held by the Corporation, the Corporation shall be entitled to compensation equal to the value of any improvement of such immovable property made by the Corporation and such value shall be determined in accordance with the provisions of the Land Acquisition Act, 1894.]