Sec. 1. (a) A county or district agricultural society, an agricultural and mechanical society, and a horticultural society must be a body corporate with perpetual succession.
(b) A society described in subsection (a) may:
(1) issue capital stock not to exceed ten thousand dollars ($10,000), in shares not to exceed twenty-five dollars ($25) each; and
(2) hold real estate, by purchase, gift, or devise, not to exceed eighty (80) acres.