Whenever the authority establishing the subordinate lodge is withdrawn, and the separate existence of the subordinate lodge is destroyed, the property of the lodge shall be placed in the hands of a trustee appointed by the grand lodge from the members of the subordinate lodge or from the members of any other subordinate lodge in Tennessee, to pay its debts and liabilities. The residue of the real estate, if there is any, shall be applied by the trustee, as may be prescribed by the bylaws or resolutions of the grand lodge.