Be it further enacted, That the City of Cookeville in the County of Putnam, and the inhabitants thereof be, and are hereby constituted a body politic and corporate, under and by the name of the City of Cookeville, and by that name shall have perpetual succession, may sue, be sued, plead and be impleaded, grant, receive, purchase and hold real, mixed and personal property, or dispose of the same for the benefit of said City, and may have and use a corporate seal.