(1) A local policing body may, in connection with the discharge of any of its functions, accept gifts of money, and gifts or loans of other property, on such terms as appear to the body to be appropriate.
(2) The terms on which gifts or loans are accepted under subsection (1) may include terms providing for the commercial sponsorship of any activity of the local policing body or of the police force maintained by it.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .