Said articles of association, together with a copy of the constitution and by-laws of said bund and of the resolution of said bund authorizing the incorporation thereof, said copies being duly certified by the president and secretary of said bund, shall be filed with the secretary of state of the state of Michigan. Thereupon the persons who shall have signed such articles of association, their associates and fellow members composing said bund, shall be a body politic and corporate by the name expressed in such articles of association, capable of taking, holding and disposing of real and personal property, of suing and being sued, of having a common seal which may be altered or changed at their pleasure: Provided, That the value of such real estate shall not exceed 50,000 dollars, which shall be subject to general taxation.