Sec. 4.
A copy of said articles of association, and of the certificate of acknowledgment thereof, and of said affidavit, with an affidavit thereto attached, showing the same to be true copies of said original articles, certificate, and affidavit, which affidavit so attached shall be made by 1 or more of the signers of said articles, shall be filed with the corporation and securities bureau of the department of commerce, and thereupon the persons who shall have signed said articles of association, their associates and successors being masters of the subordinate granges of the order of the patrons of husbandry in this state, together with such other persons, if any, as shall be designated for that purpose in the articles of association aforesaid, shall be a body politic and corporate, under and by the name expressed in such articles of association; it being hereby intended and provided that the persons who shall be the members and compose the corporation created as aforesaid, shall be composed of the persons signing such articles of association as aforesaid, and all the other masters of the subordinate granges of the patrons of husbandry in this state, during their continuance in office as such masters, and until their successors in office shall be chosen and enter upon the duties of their offices, together with such other persons as may be designated for that purpose in such articles of association as aforesaid; and the corporation formed under such articles of association as aforesaid, shall by the name designated in such articles, have succession, and be capable of suing and being sued, of contracting and being contracted with, and of purchasing, receiving, and holding real and personal estate by deed, gift, grant, or devise, and may have a common seal and may alter the same at pleasure, and shall have full power to give, grant, convey, lease, mortgage, sell, and dispose of any and all of such real and personal estate; but the rents, income and proceeds of all such property and estate shall be devoted exclusively to the objects for which the corporation is formed; and the amount of the real and personal estate owned by such corporation at any 1 time, shall not exceed the sum of $100,000.00 in value.
History: 1875, Act 68, Imd. Eff. Apr. 8, 1875 ;-- How. 2335 ;-- CL 1897, 6004 ;-- CL 1915, 7912 ;-- CL 1929, 10196 ;-- CL 1948, 453.4 ;-- Am. 1982, Act 471, Eff. Mar. 30, 1983