Every corporation formed in pursuance with this act may erect and own such suitable edifice, building or hall as to such corporation shall seem proper, with convenient rooms for the meetings of the Masonic bodies, and for this purpose may create a capital stock of not more than 500,000 dollars, to be divided into shares of not more than 50 dollars each, and may take, receive, purchase and hold in its corporate capacity real and personal estate, and the same or any part thereof, demise, convey, mortgage, use and dispose of at pleasure; and any such corporation may take, purchase, hold and own such suitable lot or parcel of ground as may be convenient for the purpose of a cemetery; and make all lawful rules and regulations for the disposal of lots and the burial of the dead therein as to such corporation may seem proper.