The Manager shall have and exercise, in relation to properties vested in him under section 3, all the rights, powers and authority which a full owner has or exercises in relation to his own property:
     Provided that where any of the said properties was, immediately before the 1st day of November, 1947, subject to any trust lawfully created, the Manager shall, in the exercise of his powers in relation to such property be bound by the terms of that trust.