The trustees of any academy or seminary in this Commonwealth, which received money or land therefrom for educational purposes, are hereby authorized and empowered to convey, by deed of not less than two-thirds of their number, to be approved by the court of common pleas of the county within which said academy or seminary is located, all the real estate, buildings, property, and funds of or belonging thereto, to the board of directors, and their successors in office, of the common schools of the district in which the main building thereof may be situated, to be used and applied by said directors for the purposes of common school education therein; or, if so designated in said conveyance, said lands, property, and funds, or their equivalent in value, shall be devoted to the establishment and maintenance of an industrial school, in which instruction shall be given in manual training, husbandry, and domestic science, and for no other purpose: Provided, That when such property shall be used toward the maintenance of such industrial or high common school, the citizens of the county within which said district is situated shall have the right to have their sons and daughters admitted into such industrial or high school, if duly qualified, on paying to the treasurer of said district the same rate of tuition for each which it shall annually cost said district per student for the maintenance of such industrial or high school, aside from the use therein of the property and funds so conveyed to said district as hereinbefore provided.

The trustees of the academy or seminary may enter into an agreement with the board of school directors of the school district to conduct jointly the aforesaid educational work, and may bear a part or the whole of the expense thereof; or the trustees may contract with the directors so that the directors may have sole charge and supervision of such instruction.

The trustees may, with the approval of the court of common pleas, convert the whole or part of the assets of the academy or seminary into cash, and transfer the same, or transfer the assets in whole or in part, to the board of school directors, upon the express condition that the principal or corpus of the assets shall forever remain intact, and that only the income or use thereof be available for such instruction.