5. From the date of the deposit in the register of the notice of constitution of the association, the association shall become a legal person for the purposes of this Act, and may possess immovable property of not more than $25,000 in value.
R. S. 1964, c. 116, s. 5; 1993, c. 48, s. 440; 1999, c. 40, s. 301.