The officers and directors of any town, county or district agricultural or horticultural society shall be authorized by their names of office to make, sign, acknowledge, execute and file duplicate articles as provided in said act, and the several acts amendatory thereof, which articles shall, in addition to the requisites in said act and the several acts amendatory thereof, set forth that they are executed for the purpose of reorganizing said society according to the provisions of this act, and such articles shall be deemed sufficient when so made, signed, acknowledged, executed and filed, although the number of signers shall be less than 8, if they shall constitute a majority of such officers and directors: Provided, That when there are no surviving officers or directors qualified to act, or if a period of 5 years has intervened since the last election of officers of such society, any 10 or more citizens, real property owners in the county, and legally resident therein, may reorganize such society under the provisions of Act No. 80 of the Public Acts of 1855, as amended, being section 453.231 to 453.240, inclusive, of the Compiled Laws of 1948, and under the same name as theretofore used, and for the same purposes as provided in section 4 of said Act No. 80 of the Public Acts of 1855, and said society shall become a body politic and corporate by the name stated in its articles of association and subject to the provisions of section 2 of said Act No. 80 of the Public Acts of 1855, and shall succeed to all the rights and privileges of such prior society, and the property of said former society or societies shall vest in and become the property of the society so last reorganized.