§ 14-8. Powers and duties.

(a) In general.

The Trustees have the powers and duties provided in Chapter 217, Laws of Maryland 1933, and this section.

(b) Control over legacy.

The Trustees shall have full and complete control over the property and funds given to the City of Baltimore by Henry Walters, as the agency through which the directions and intent of the donor are to be obeyed and his objects realized.

(c) Buildings and contents.

The Trustees may use the Walters Art Gallery and the property at 5 West Mount Vernon Place, together with the contents of those buildings, only for the benefit of the public, as directed in Item 2 of the last will and testament of Henry Walters.

(d) Endowment fund income.

(1) The Safe Deposit and Trust Company is directed to pay the income from the trust fund created under Item C.3 of the last will and testament of Henry Walters to the Trustees of Walters Art Gallery, in quarterly installments, and the Trustees of Walters Art Gallery is appointed agent of the Mayor and City Council of Baltimore to receive those payments.

(2) Any payment of income by the Safe Deposit and Trust Company to the Trustees is deemed a payment to the Mayor and City Council of Baltimore, and the Safe Deposit and Trust Company is released, acquitted, and discharged of all responsibility and liability for the income so paid to the Trustees.

(3) The Trustees may receive and expend this income for the purpose of maintaining the Walters Art Gallery for the benefit of the public, including the acquisition and improvement of property incidental to the purposes of the last will and testament.

(e) Proceeds of property dispositions.

The Trustees may expend for the same purposes any funds derived from selling any of the contents of Walters Art Gallery or of the property at 5 West Mount Vernon Place found not to be of museum value or interest.