Amendment status not verified — confirm the current text below against the official source.
- (1) The management, control and administration of every public institution maintained exclusively out of the district fund shall vest in the Board. (2) Any other public institution may be vested in, or placed under the management, control and administration of the Board, 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 Board 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 became so vested or was so placed. (4) 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 Endowment Act, 1890.