It is enacted by the General Assembly as follows:
SECTION 1. St. Columban's Foreign Mission Society, a nonbusiness corporation, incorporated under the general laws of this state on February 2, 1934, is hereby authorized to take, hold, transmit and convey real, mixed, and personal estate to an amount not exceeding two million five hundred thousand dollars ($2,500,000) 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.
SECTION 2. This act shall take effect upon passage.