940. Personal property of institution.

In the case of incorporated institutions to which the Literary and Scientific Institutions Act 1854 applies1 having no provision applicable to the institution's personal property, and in all cases of unincorporated institutions to which the Act applies, the money, securities for money, goods, chattels and personal effects belonging to the institution, and not vested in trustees, are deemed to be vested for the time being in the institution's governing body