Banbury Museum will be freed from local authority control and governed by an independent trust on November 1.
The transition will establish Banbury Museum Trust, led by an independent board of experts and business people – including top specialists from the University of Oxford Museums – rather than councillors.
It will apply for new sources of external funding and host an array of cutting edge exhibitions with objects loaned by top UK attractions including the Natural History Museum.
Museum curator Simon Townsend believes the change means exciting times ahead for the Castle Quay attraction:
He said: “Operating as a charitable trust offers many very positive opportunities for Banbury Museum.
“Our new board of nine has been recruited for their skills and enthusiasm and offers outstanding governance for the future.”
He added: “The museum’s business plan presents an exciting vision which will deliver great world-class exhibitions and events for our visitors.”
Cherwell District Council has promised no jobs will be affected and the level of public service will be protected.
Jemma Callow, the council’s communication officer, said: “The public should not notice any changes in how the day-to-day services are run.
“The staff will transfer to the new organisation and everyone who has a job will continue to do so.”
She added: “The trust will also be able to develop its own programme and events. However, the service that is provided now will continue.”
The museum will maintain its core council funding but the council will save money as the trust will be granted an 80 per cent cut in business rates, saving an expected £67,548 annually. The transition was to be complete by October 1 but has been delayed by one month to allow further planning.