Management of public institutions.

(1) The management, control and administration of every public institution maintained out of the District Fund shall vest in the Board. (2) When any public institution has been placed under the direction, management and control of the Board, all property, endowments and funds belonging thereto shall be held by the Board in trust for the purposes to which such property, endowments and funds were lawfully applicable at the time when the institution was so placed: Provided that the extent of the independent authority of the Board in respect of any such institution may be prescribed.