(1) The management, control and administration of every public institution maintained exclusively out of the municipal fund shall vest in the Municipality.
(2) Any other public institution may be vested in, placed under the management, control and administration of the Municipality ; provided that the extent of the independent authority of the board in respect thereof may be prescribed by rule.
(3) All property, endowments and funds belonging to any public institution vesting in, or placed under the management, control and administration of, a Municipality shall be held by the Municipality in trust for the purpose, to which such property, endowments and funds were lawfully applicable at the time the institution became so vested or was so placed.
(4) Provided that nothing in the foregoing provisions of this section shall be held to prevent the vesting of any trust property in the Treasurer of Charitable Endowments under the Charitable Endowments Act, 1890.