It is enacted by the General Assembly as follows:

SECTION 1. Herreshoff Marine Museum, a nonbusiness corporation, incorporated under the general laws of this state on March 16, 1971, is hereby authorized to take, hold, transmit and convey real, mixed, and personal estate to an amount not exceeding one million six hundred thousand dollars ($1,600,000) and said real and personal estate shall be exempt from taxation so long as said estate shall be used for the purposes for which said corporation was incorporated.