That any town, county or district agricultural or horticultural society heretofore organized under any general law of this state may reorganize under the act approved February twelfth, 1855, entitled “An act to authorize the formation of county and town agricultural societies,” so as to become subject to the provisions of said act, and the several acts amendatory thereof, whenever the officers and directors of any such town, county or district agricultural or horticultural society shall make, sign, acknowledge and file duplicate articles of association as provided in said act and the several acts amendatory thereof.

     The officers and directors of any town, county or district agricultural or horticultural society shall be authorized by their names of office to make, sign, acknowledge, execute and file duplicate articles as provided in said act, and the several acts amendatory thereof, which articles shall, in addition to the requisites in said act and the several acts amendatory thereof, set forth that they are executed for the purpose of reorganizing said society according to the provisions of this act, and such articles shall be deemed sufficient when so made, signed, acknowledged, executed and filed, although the number of signers shall be less than 8, if they shall constitute a majority of such officers and directors: Provided, That when there are no surviving officers or directors qualified to act, or if a period of 5 years has intervened since the last election of officers of such society, any 10 or more citizens, real property owners in the county, and legally resident therein, may reorganize such society under the provisions of Act No. 80 of the Public Acts of 1855, as amended, being sections 453.231 to 453.240, inclusive, of the Compiled Laws of 1948, and under the same name as theretofore used, and for the same purposes as provided in section 4 of said Act No. 80 of the Public Acts of 1855, and said society shall become a body politic and corporate by the name stated in its articles of association and subject to the provisions of section 2 of said Act No. 80 of the Public Acts of 1855, and shall succeed to all the rights and privileges of such prior society, and the property of said former society or societies shall vest in and become the property of the society so last reorganized.

     That upon the making, signing, acknowledging, executing and filing of said articles of association such society shall without further action be deemed to all intents and purposes re-organized, and shall succeed to all the property and rights of action of the old society, and shall be liable for all debts, obligations and liabilities of the old society, and every stockholder in the old society, under and by virtue of the incorporating act and the by-laws thereof, shall be a stockholder to a like extent in the new society, and all rights of property and contract shall remain unimpaired, and the corporate identity of such society shall continue unchanged.

     The officers and directors in office shall continue in office until the annual meeting for the election of officers next following such re-organization, and until new officers and directors shall be elected, and no other meeting or notice shall be necessary to complete such re-organization: Provided, That when new officers and directors shall be elected, they shall consist of the number of officers and directors required by such articles of re-organization.