A copy of the articles of association together with the charter and constitution of the grand lodge of the benevolent and protective order of elks, shall be filed with the secretary of state; and thereupon the persons who have signed the articles of association, their associates and successors, shall be a body politic and corporate, by the name expressed in the articles of association, and by that name they and their successors shall have succession, and shall be persons in the law, capable to purchase, take, receive, hold, and enjoy to them and their successors estates, real and personal, including a lodge house or temple suitable to their needs, objects and purposes, of suing and being sued, and to have a common seal, which may be altered or changed at their pleasure. The value of the real and personal estate shall not exceed $10,000,000.00, and they and their successors may give, grant, sell, lease, mortgage, demise, and dispose of that real and personal estate or part thereof at their will and pleasure, and the proceeds, rents and incomes may be devoted in furtherance of the corporate powers, needs, objects, and purposes. The corporation shall have full power to make and establish rules, regulations and bylaws, for regulating and governing all the affairs and business of the corporation not repugnant to, or inconsistent with the constitution, rules, and edicts of the grand lodge of the order, or the constitution and laws of this state, or of the United States, and to elect and appoint from its members officers under a name and style as shall be in accordance with the constitution of the grand lodge of the order. The lodges organized under this act, as amended, having a membership of 1,000 or more shall have a board of 5 trustees. One trustee shall be elected annually for the term of 5 years, except that at the first election after this act goes into effect 5 trustees shall be elected, 1 for 1 year, 1 for 2 years, 1 for 3 years, 1 for 4 years, and 1 for 5 years.