It's a fair point about the original ownership belonging to the club, but the flip side is that the club itself did nothing to protect it's own assets and heritage. I can't comment on what happened at the end of the Johnson era as I was seldom around Goodison at that time.
Dr France should be praised by all Evertonians, in my mind at least, for his initiative in gathering the collection together. It's a unique social history spanning nearly 140 years which has incalculable value not only to Everton and supporters but in the wider context of the City of Liverpool and the game of football.
Of course his work with former players and the FPF is exemplary, and this is truly indicative of his character rather than suggestions he or others misappropriated club assets.