The Academy and Graded School district is hereby empowered to receive any endowment fund or legacy in fee or in trust, that may be donated as an endowment toward the support or for the use of the Academy and Graded School, on such terms and conditions as may be prescribed by the donor or legator, not inconsistent with the laws of this State; and the Trustees of such Academy and Graded School shall be the custodians of such fund and of the income of the same, subject to instructions of the District in regard to the use of the fund or income, unless otherwise provided by the terms of the endowment, donation, or legacy.