Such association by and in its own name may:
(a) Sue and be sued.
(b) Loan such funds as it has on hand in such manner as its articles of association and its by-laws provide.
(c) Own sufficient real property for its business purposes, and such other real property as it becomes necessary to purchase on foreclosure of its mortgages. Real estate obtained by such foreclosure shall be sold and conveyed within five years from the time title vests in the association.
(d) Make such by-laws, not inconsistent with the laws of this State, as are necessary for its government and for the transaction of its business.
(Enacted by Stats. 1935, Ch. 145.)