A Board of Trusts and Charities is hereby created which shall:
A.
Take custody and control of all funds now held by the Board of Trusts created by an ordinance of March 6, 1906, and hereby repealed.
B.
Accept, in its discretion, on behalf of the City any gifts, by will or otherwise, which may hereafter be made to the City or to City officials by virtue of their office, in trust for poor persons in the City, or for any other benevolent or charitable purpose.
C.
Invest and/or expend and distribute the principal and/or interest of gifts so accepted according to the provisions of each gift or trust or, in the absence or incompleteness of such provisions, according to lawful regulations which the Board may establish.