All existing nonprofit incorporated volunteer fire companies and/or rescue squads operating in Prince George's County are declared to be an instrumentality of Prince George's County and/or the municipality in which they operate for the protection of life and property from the hazards of fires, explosions, and related perils. No income of such existing nonprofit incorporated volunteer fire companies and/or rescue squads shall inure to any private person. The beneficial interest in any assets, real or personal, held by such existing nonprofit incorporated volunteer fire companies and/or rescue squads shall be vested in Prince George's County or the municipality wherein such volunteer fire companies and/or rescue squads are located and operating. The County or municipality shall be vested with full legal ownership of all such assets upon the retirement of all indebtedness of such volunteer fire companies and/or rescue squads. In the event of dissolution or liquidation of such incorporated fire companies and/or rescue squads, title to all assets, real or personal, held by it, shall revert to and vest in Prince George's County or the municipality in which the fire companies or rescue squads are located. The provisions of this Section shall apply to all volunteer fire companies and/or rescue squads hereinafter organized under the laws of Prince George's County.