It is enacted by the General Assembly as follows:
SECTION 1. The property, real and personal situated in the town of Glocester, held for or by Victory Sportsman Club, Inc., incoporated as a nonbusiness corporation, to an amount not exceeding three hundred thousand dollars ($300,000) shall, at all times, be exempt from all taxes so long as said property shall be used for the purposes for which said corporation was incorporated, and so long as the Victory Sportsman Club shall maintain nonprofit tax exempt status with the Internal Revenue Service. In the event of disbanding of the Club, the building(s) and the land shall revert to the town of Glocester.
SECTION 2. This act shall take effect upon passage.