(a) A military unit in the Texas military forces is, from the time of its creation, a body politic and corporate and may:
(1) take, purchase, own, hold, transfer, pledge, and convey under its corporate name property of a total value, when acquired, of not more than $200,000;
(2) sue and be sued, plead and be impleaded, and prosecute and defend in court under its corporate name;
(3) have and use a common seal in a form it adopts;
(4) adopt bylaws to govern and regulate its affairs, consistent with state law and United States law and the orders and regulations of the governor; and
(5) otherwise act as necessary and proper to carry out its purpose.
(b) The officers of the unit are its directors. The senior officer is its president.

(c) The power of a unit to hold or handle property is not affected by a natural increase in the property’s value after it is acquired.