The governing body of any municipality having a municipally-owned lake or lakes may provide by ordinance for the creation of a municipal Fish and Game Commission, and establish the number of members, their terms, and manner of appointment. The municipal Fish and Game Commission shall exercise control and supervision over the hunting and fishing privileges on and around such lake or lakes and the improvement of such lake or lakes for hunting and fishing. The Commission shall fix the fees to be charged for hunting and fishing, and have such other power and authority as may be provided by the ordinances of the municipality.