(b)
refuses or neglects to carry out any of the trusts,
(c)
refuses or neglects to carry on its work to the satisfaction of the council of the municipality, or
(d)
neglects or refuses to account to the municipality as required by this Act,
the council of the municipality may take over all the property, investments and assets of the association, subject to the trusts and conditions under which any of such property, investments or assets are held by the association.