ANY three or more persons, who are citizens of the United States, may apply to the Secretary of State in a manner similar to money-making corporations for license to organize for other purposes, filing with him a duly acknowledged statement in writing of the name and particular business or objects of such association, the number of its trustees, directors or managers, and the names of those officials selected to serve during the first year. The Secretary of State may then issue his certificate of the organization of such corporation, and when this certificate is duly recorded in the office of the recorder of deeds in the county where the association is located, the incorporators may proceed to transact business. Such corporations may sue and be sued; may make and enforce contracts in relation to their legitimate business; may have a common seal; may purchase, hold and dispose of real and personal estate for purposes of their respective organizations; make by-laws for their own government not inconsistent with general laws; may elect trustees, managers or directors to control the affairs and funds of the corporation; may borrow money for the purposes of the organization and pledge its property for the payment thereof; may register the names of its officers in the county where it is located, and when its debts are paid may dissolve the corporation, distribute the property among its members, and register its dissolution papers in the county recorder's office.