Upon the disbandment of any organization, or call into active federal service of such organization, which has received arms, supplies or equipment from the Adjutant General, in accordance with the provisions of this chapter, the commanding officer of such organization shall be responsible for the safe return to the custody of the Adjutant General of all such public property in possession of the organization, except for such federally owned property that may be required by federal law to be retained by such organization in the federal service.