(a) Alumni may be incorporated. The alumni of any college or university, or of one or more colleges or schools of any university, may be incorporated by executing and filing a certificate pursuant to article 4 of this chapter.

(b) Type of corporation. An alumni corporation is a charitable corporation.

(c) Powers. An alumni corporation may create, manage and control a fund, to be known as the alumni fund, and for that purpose acquire and hold real and personal property. The principal of such fund, or the income derived therefrom, may be transferred to the college or university with which such corporation is identified, or used for and applied to such object or objects connected with such college or university as such alumni corporation shall direct.

(d) Alumni fund. The directors of an alumni corporation shall have the custody and management of the alumni fund but shall not dispose of the whole or any part of the principal of any invested fund except as authorized by a two-thirds vote of the members of such corporation, present at an annual meeting thereof.