The Commission may solicit, purchase or otherwise acquire, hold, own, mortgage, sell or assign real and personal property, may, solicit, accept and receive any private funds, bequests, legacies or gifts of property real and personal to be used for the education and training of persons who are blind and may hold, manage and invest the same and collect and disburse the income thereof, and disburse the principal thereof, in accordance with the directions of the parties devising or donating the same. In default of any such direction, the Commission shall accept, hold, manage and dispose of the property and disburse the income thereof in any manner which it deems best adapted to promote the education, training and welfare of persons who are blind residing in the State. The Commission may hold, own, sell and dispose of any such property, real, personal or mixed so purchased or received and may reinvest the proceeds from the sale of any of the property and collect and disburse the income therefrom and the principal thereof in the manner above outlined. The property of the Commission shall be exempt from taxation.