(a) Property may be disposed of to any incorporated educational or literary institution in this state, to be held in trust for any one or more of the following purposes:

(1) To establish and maintain an observatory;

(2) To found and maintain professorships and scholarships;

(3) To provide and keep in repair a place for the burial of the dead.

(4) For any other specific purpose comprehended in the general objects authorized by its charter.

(b) The trust may be made subject to such conditions as may be prescribed by the creator and agreed to by the trustee, and all property which is hereafter disposed of to any incorporated educational or literary institution in trust for any of the foregoing purposes, may be held by such institution under such trust, subject to such conditions as may be prescribed.

(c) Property may be disposed of to any incorporated city or village of this state to be held in trust for any educational purpose, the diffusion of knowledge, or for the relief of distress, or for parks, gardens, other ornamental grounds or grounds for military parades, exercise, health and recreation, within or near such incorporated city or village, upon such conditions as may be prescribed by the creator and agreed to by such corporation; and all property so transferred to such corporation may be held by it, under such trust, subject to such conditions as may be prescribed.

(d) Property may be disposed of to commissioners of common schools of any town and to trustees of any school district, in trust for the benefit of such common schools or the schools of such district.

(e) The trusts authorized by this section may continue for such time as may be necessary to accomplish the purposes for which they are created.