Whenever such negotiations have been concluded, on conditions approved by the Department of Public Welfare¹ and the Governor, the board of trustees of any such State hospital shall enter into an agreement, in writing, embodying the terms and conditions upon which the transfer of the property of such State hospital to the incorporated hospital association is affected. Said agreement shall be submitted to the Department of Public Welfare, and, if approved, in writing, by the Commissioner of Public Welfare and the Governor of the Commonwealth, said agreement shall thereupon become binding and effective.