(a) The Board of Library Directors shall be a corporation, as provided by West Virginia Code 10-1-9, and as such it may contract and be contracted with, sue and be sued, plead and be impleaded, acquire and hold real and personal property by gift, purchase or otherwise, sell real and personal property with the advice and consent of Council; hold real and personal property in the name of "The Board of Library Directors of Princeton, a statutory corporation of Princeton, West Virginia," and shall have the right, power and authority to borrow money and secure the payment thereof by the execution of notes or trust deeds, chattel mortgages and other security instruments on the City library real estate or personal property, either or both; provided, that the consent of Council is first obtained, and shall have and use a common seal.
(b) The title to all bequests or donations of each or other personal property or real estate for the benefit of the City library shall be vested in the "Board of Library Directors of Princeton" to be held in trust and controlled by the Board according to the terms and for the purposes set forth in the deed, gift, devise or bequest; provided, that the person making the bequest or donation of cash or other personal property or real estate for the benefit of the City library shall have the right and privilege to vest title thereto in a trustee, or trustees, of his own selection, and to provide for the selection of successor trustees, and to designate the manner in which such fund or property shall be invested and used. (1975 Code Sec. 2-33)