My supposition is; can an abstract possess an abstract? That is, a person (tangible) can possess morality or happiness, but "time" can not possess either. Or, a "society" can be said to be moral (or immoral) but is it the "society" that possesses that morality, or just the tangible members of that society?
In my opinion, the best way to think of properties (attributes, characteristics, traits) is to think of them as abstract objects. On this way of thinking of them, anything at all that possesses a property possesses (or, maybe better, instantiates ) an abstract object. You possess the property of being human: you instantiate the abstract object humanity . But abstract objects themselves can also possess properties -- most obviously, the property of abstractness . On this view, society (construed as an abstract object) can be (say) immoral provided it makes sense to describe an entire society that way: any obstacle to a society's counting as immoral wouldn't stem from the abstractness of society or the abstractness of immorality. Much more to be found here .