(1) Subject to any special reservation made or to any special conditions imposed by the Government, all property of the nature hereinafter in this section specified and situated within the municipal area, shall vest in and be under the control of the Corporation and with all other property, which vests in the Corporation by virtue of the provisions of this Act or any other law for the time being in force, shall be held and applied by it for the purposes of this Act, that is to say :––
(a) all such public towns, walls, gates, markets, stalls, slaughter houses, manure and depots and public building of every description as have been constructed or are maintained out of the Corporation Fund ;
(b) all public streams, springs and works for the supply, storage and distribution of water for public purposes and all bridges, buildings, engines, materials and things connected therewith or appertaining thereto, and also any adjacent land (not being private property) appertaining to any public tank or well ;
(c) all public sewers and all drains, and sewers, culverts and water courses in or under any public street, or constructed by or for the Corporation alongside any public street, and all works, material and things appertaining thereto ;
(d) all public lamps, lamp posts and apparatus connected therewith or appertaining thereto ;
(e) all land or other property transferred to the Corporation by the Government or acquired by gift, purchase or otherwise for public purposes ;
(f) all public streets, not being land owned by the Government and the pavements, stones and other materials thereof and also trees growing on and erections, materials, implements and things provided for such streets.
(2) Where any immovable property is transferred otherwise than by sale by the Government to the Corporation for the public purposes, it shall be deemed to be a condition of such transfer, unless specially provided to the contrary that should the property be at any time resumed by Government the compensation payable therefor shall in no case exceed the amount, if any, paid to the Government for the transfer, together with the cost or the present value whichever shall be less, of any building erected, other works executed on the land by the Corporation.
(3) The Corporation shall maintain a register and a map of immovable property of which it is proprietor or which vests in it, or which it holds in trust for the Government.
(4) The management, control and administration of every public institution maintained out of the Corporation Fund shall vest in the Corporation.
(5) When any public institution has been placed under the direction, management and control of the Corporation, all property, endowments and funds belonging thereto shall be held by the Corporation in trust for the purpose 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 Corporation in respect of any such institution may be prescribed by the Government.