2. The owners of property insured in each mutual insurance company established under the authority of this division shall form a corporation known under the name of the “The Mutual Insurance Company of the (here inserting the name of the municipality)”, and each such company shall be under the control of the council of the municipality in which it is established.
It shall be managed by the council, and may sue and be sued, and its place of business shall be the same as that of the council.
R. S. 1964, c. 295, s. 41.