The corporation, under direction of the grand chapter when assembled, may make and establish all necessary bylaws and rules for its governance and the governance of all subordinate chapters under the jurisdiction of the grand chapter, relating to the business and property authorized to be done, held and conveyed by this act; and said corporation may take, hold and convey, as may be required from time to time, any real or personal estate for the purpose of its or their organizations, not at any time exceeding in the aggregate the sum of $200,000.00, but such property, both real and personal shall be subject to assessment and taxation for all purposes, and all real and personal estate so held may be conveyed by deed or bill of sale in the name of the corporation, executed by the grand high priest for the time being, or by such other person as the board of directors shall appoint for that purpose, and in case of real estate acknowledged by him to be the act and deed of the corporation, with the seal of the grand chapter attached, and such conveyance so executed shall be valid and binding for all intents and purposes whatsoever.