§ 3. Powers. Such trustees or executive committee may take, hold and convey by and under the direction of such lodge, chapter, commandery, consistory, council, temple, grotto, post, tribe, aerie, camp, tent, nest, encampment or canton, or Degree of Pocahontas council all the temporalities and property belonging thereto, whether real or personal, and whether given, granted or devised directly to it or to any person or persons for it, or in trust for its use and benefit, and may sue for and recover, hold and enjoy all the debts, demands, rights and privileges, and all buildings and places of assemblage, with the appurtenances, and all other estate and property belonging to it in whatsoever manner the same may have been acquired, or in whose name soever the same may be held, as fully as if the right and title thereto had been originally vested in them; and may purchase and hold for the purpose of the lodge, chapter, commandery, consistory, council, temple, grotto, aerie, post, tribe, camp, tent, nest, encampment or canton, or Degree of Pocahontas council, other real and personal property, and demise, lease and improve the same. Such trustees or executive committee may also issue their bonds or other evidences of indebtedness in such amounts and for such time and in such form as they shall determine either for the purpose of raising money to pay for any real estate purchased and held by them, and for the improvement of the same, as hereinbefore provided, or for any other past indebtedness, and may mortgage such real estate for the purpose of securing the bonds or other evidences of indebtedness so issued by them. Bonds and mortgages for other than moneys to pay for such real estate and the improvement thereof as above, shall only be issued after an order of the supreme court permitting and allowing same upon petition of all the trustees of the property of such executive committee of the lodge, chapter, commandery, consistory, council, temple, grotto, aerie, post, camp, tent, nest, encampment or canton. The petition shall briefly state the purposes and reason for same and shall state that the petition is made by and under the direction duly had or given at a regular or state communication, convocation, encampment or meeting thereof according to its constitution and general regulations. The court may permit and allow the issuance of said bonds and mortgages by the trustees or executive committee if it deems the same proper and for the best interests of the said lodge, chapter, commandery, consistory, council, temple, grotto, aerie, post, camp, tent, nest, encampment or canton. The order shall provide that the moneys shall be applied and expended for the same purposes set forth in the petition. The proceeds of such bonds or other evidences of indebtedness shall be applied exclusively to the purpose for which the same was borrowed either to pay for such real estate and the improvement thereof or any other past indebtedness. Every such lodge, chapter, commandery, consistory, council, temple, grotto, post, tribe, aerie, camp, tent, nest, encampment or canton, or Degree of Pocahontas council, may make rules and regulations, not inconsistent with the laws of this state, or with the constitution or general rules or laws of the grand lodge or other governing body to which it is subordinate, for managing the temporal affairs thereof, and for the disposition of its property and other temporal concerns and revenue belonging to it, and the secretary and treasurer thereof, duly elected and installed according to its constitution and general regulations and law, shall, for the time being be ex-officio its secretary and treasurer. No board of trustees or executive committee for any lodge, chapter, commandery, consistory, council, temple, grotto, aerie, post, tribe, camp, tent, nest, encampment or canton or Degree of Pocahontas council, filing the certificate aforesaid, shall be deemed to be dissolved for any neglect or omission to elect a trustee or member of such executive committee, annually, or fill any vacancy or vacancies that may occur or exist at any time in said board or committee, but it shall and may be lawful for said lodge, chapter, commandery, consistory, council, temple, grotto, aerie, post, tribe, camp, tent, nest, encampment or canton, or Degree of Pocahontas council, to fill such vacancy or vacancies at any regular communication thereafter to be held, and till a vacancy arising from the expiration of the term of office of a trustee or member of such executive committee is filled, as aforesaid, he shall continue to hold the said office and perform the duties thereof.