§ 241. Devises and bequests. Any unit of the organized militia may
take by devise and bequest real and personal property for its uses and
purposes as a military organization, and may hold, mortgage, sell or
otherwise dispose of the same. The title to such property shall vest in
the commissioned officer or officers of the unit and if there be three
or more of such officers the property shall be managed by their majority
vote and disposed of by their two-thirds vote. Organizations of the
veterans of such units and/or their predecessor units in the organized
militia, in cases where the designation of the corresponding unit in the
organized militia has been changed by proper authority, incorporated
under general laws or special charter of the state, as associations of
the veterans of such units now or as heretofore constituted and
designated and associations organized pursuant to section two hundred
sixty of this chapter shall, in addition to the powers and authority
heretofore granted, possess the same authority herein granted to each
unit of the organized militia to take by devise and bequest real and
personal property for the appropriate uses and purposes of such
organizations and associations and may hold, mortgage, sell or otherwise
dispose of the same, and use and apply the proceeds thereof and the
income thereof to its appropriate purposes. The title to such property
shall vest in such corporations or associations and shall be managed
and/or disposed of as provided in and by the constitution, by-laws,
rules and regulations now in force or hereafter adopted in respect
thereto.