5. In a village or town of less than 3 000 inhabitants, every association so incorporated shall have power to acquire and hold, within the municipality which authorized the incorporation, or within an adjacent municipality in the same judicial district and registration division, moveable and immoveable property, requisite for the purposes of the association, not exceeding in annual value the sum of $1 000, and in cities, towns and villages having 3 000 inhabitants or more, moveable or immoveable property, not exceeding in annual value the sum of $2 000.
R. S. 1964, c. 298, s. 5.