In case of the transfer of the management and control of a city cemetery or a village cemetery, as provided in sections 17-934 and 17-935, the cemetery board erected under section 12-401 shall have no jurisdiction over the management and control of such cemetery after the transfer. In the event of such transfer, any funds or any money to the credit of the cemetery fund or any perpetual fund created under section 12-402 shall be paid over by the city treasurer of such city or by the village treasurer of such village to the treasurer of the cemetery association; and all endowments contemplated under section 12-301 to such city cemetery or village cemetery shall vest absolutely in the cemetery association to whom the control and management of such cemetery shall have been transferred.