(1) The corporate authorities of every city and incorporated town may, from time to time, designate some suitable place, at such distance from the limits of the corporation as may be deemed safe, to build magazines for the storage and safekeeping of gunpowder or other explosive materials, which order shall be entered on the corporation records.
(2) They may also prescribe the rules, regulations, and restrictions under which explosive materials shall be kept stored, and the mode in which the magazines or storehouses shall be constructed and maintained so as, in their opinion, best secures the community from danger.