All lands bought or otherwise acquired by any religious denomination or society shall be vested in a board of trustees or other persons designated by the members of such denomination or society, for the use and benefit of the denomination or society.
Code 1858, § 1509 (deriv. Acts 1855-1856, ch. 79, § 1); Shan., § 2563; Code 1932, § 4408; T.C.A. (orig. ed.), § 64-204.