Except cities of the first class, a city or town or any combination of them acting jointly may, by resolution or ordinance, establish and operate a nursing home or home for the aged, and may acquire by lease not to exceed 15 years, gift, devise, purchase, condemnation, or otherwise any property necessary or desirable and suitable for that purpose. The governing body of the city or town may by ordinance make rules and provide for a managing board as it deems necessary to operate the nursing home or home for the aged. A city or town may withdraw its interest in a nursing home or home for the aged with the consent of each city and town having an interest in the home, and shall be paid whatever sums may be agreed upon, having due regard for its investment in the home.