(1) Each federally recognized organization of the National Guard, without any further proceeding other than the filing with the secretary of state of a certificate by the adjutant general to that effect, constitutes a corporate body to be known by the name by which such organization is officially designated under the military laws and regulations of the state and shall possess all the powers necessary and convenient to accomplish the objects and perform the duties prescribed by law. (2) The members of such military organization in good standing, and no others, shall constitute the members of such corporation and shall elect three trustees who, together with the commanding officer, shall manage and administer the civil business of such corporation. The commanding officer shall be ex officio president, and the trustees shall elect one of their number vice-president, one treasurer, and one secretary. (3) Each such organization may take, by purchase, devise, gift, or otherwise, and hold, so long as such organization is an existing organization and a part of the National Guard, any property, real or personal. All such property shall be in the custody and control of the trustees provided for in subsection (2) of this section. Such organizations may sell, exchange, or otherwise dispose of property so acquired. (4) When any such organization is disbanded by proper authority, such corporation shall cease to exist, and all property belonging to it shall become the property of the state of Colorado and be devoted to such military uses as the adjutant general determines. Nothing in this section shall limit the authority vested in the officers of the organization by state or federal law.
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