On complying with the requirements of this act as above specified, the association so organized shall be a body corporate, and shall be capable of buying and selling real estate in the same manner as the agricultural societies; of suing and being sued in any court of this state; may have a common seal, and may alter or amend the same at pleasure; and be subject to the laws of the state applicable to agricultural societies; may make such by-laws and regulations, not inconsistent with its articles or with this act, as may be found desirable to promote the efficiency of the organization: Provided, That the by-laws shall not exclude any citizen of Michigan from membership of the association, attending the exhibitions, or participating in its discussions, who shall subscribe and pay to the funds of the society such sum or sums annually as the by-laws of the association shall prescribe.