Every corporation organized under and in pursuance of this act, shall have full power and authority to provide by its by-laws, from time to time, for the election from its members of such other officers of the corporation, under and by such name and style as shall be in accordance with its Masonic constitution; and instead of appointing a board of trustees to have the management and control of its property, interests and affairs, as provided in section 5 and 6 of this act, may, if the corporation so choose, provide in its by-laws that the property, affairs and interests of the corporation shall be managed and controlled by such persons or officers of the corporation or in such manner as the corporation shall from time to time provide for that purpose in such by-laws; and the corporation may enact all such by-laws, rules and regulations as may be necessary for its government, and for the care and management of its property, affairs and interests, and to carry into effect the powers and privileges in this act granted, and may alter and amend the same at pleasure: Provided, That in all cases where such corporation shall choose to appoint a board of trustees to have the management of its property and affairs such board shall have the powers and the management and direction of the interests and property of the corporation, as provided in said section 5 and 6 of this act.