There is created a body corporate known as Albion college consisting of a board of trustees for the purpose of maintaining an institution of learning located at the city of Albion in the county of Calhoun. Albion college has all the corporate powers, privileges and rights of the Wesleyan seminary at Albion and the Albion female college as heretofore existing, except as hereby changed or altered and with all the corporate property of the previously existing corporations.