(2)When any public institution has been placed under the direction, management and control of the committee, all property, endowments and funds belonging thereto shall be held by the committee 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 committee in respect of any such institution may be prescribed by the [State] [Substituted for the word 'Provincial' by the (Adaptation of Laws) Order, 1950.] Government:Provided also that nothing in 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.
