Each township is a body corporate and has capacity:

1.    To sue and be sued.

2.    To purchase and hold lands within its limits and for the use of its inhabitants subject to the powers of the legislative assembly.

3.    To make such contracts and purchase and hold such personal property as may be necessary for the exercise of its corporate or administrative powers.

4.    To make such orders for the disposition, regulation, or use of its corporate property as may be deemed conducive to the interests of its inhabitants.