The state board of regents is hereby authorized and empowered to accept and hold in trust, grants of money or land for the use of 4-H club camps or camps of other similar organizations in the state, subject to the provisions of this act. Any moneys received by said board shall be deposited in the state treasury in a fund to be designated “the 4-H club camp fund,” and shall be held subject to the direction of the legislature. Any such grant of money or land made subject to conditions imposed by the donor or grantor, may be accepted by said board for the purpose of custody only, and if the conditions imposed upon such gift or grant be not accepted by the next regular session of the legislature after the making thereof, said board is authorized and directed to return such gift or grant to the donor or grantor.