(1)  An incorporated association may (if its rules do not direct otherwise) in its corporate name hold, purchase, or take on lease any land, and may sell, exchange, mortgage, lease, or build upon the land (with power to alter and pull down buildings and again rebuild), and otherwise deal with the land as fully and effectually as a natural person could do.

(2)  The receipt of an incorporated association is a discharge for any money arising from or in connection with any such sale, exchange, mortgage, or lease as is referred to in subsection (1) .