(1) The Municipality may by by-law require any water-works, or work of the nature to which sections 192, 267, and 268 refer to be executed by municipal or other agency under its own orders.
(2) The expenses of any work so executed shall be paid by the person by whom the work would otherwise have been executed, unless the Municipality shall, by a general or special order or resolution, sanction, as it is hereby empowered to sanction, the execution of such work at the charge of the municipal fund.
(3) Any pipes, fittings, receptacles or other appliances for or connected with any waterworks, or with the drainage of private buildings or lands shall, if supplied, constructed or erected at the expense of the Municipality, be deemed to be municipal property, unless the Municipality shall have transferred its interest therein to the owner of such buildings or land.