The common council of any city or the board of trustees of any village in which any fire company may be located shall have power to disband any fire company for misconduct or when they consider it proper. Whenever any fire company is disbanded under this section, the foreman of the fire company shall immediately call a meeting of the company to provide for the disposal of the company’s property. The powers of the trustees then in office shall continue for the purpose of disposing of the company’s property and settling up its business affairs.