§ 10. Mortgaging property.

301 words·~1 min read·/ny/benevolent-orders/general-provisions/10

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§ 10. Mortgaging property. If the funds of the corporation shall not

be sufficient to pay for any real property purchased by the board of

trustees in pursuance of law, or for the construction, repair or

rebuilding of a suitable building or buildings, and the finishing or

furnishing of apartments therefor, the corporation may issue its bonds

bearing interest, semi-annually, for such additional sum as may be

required therefor, and may execute to any such trustee or trustees, as

the board may select, a mortgage upon its real property as security for

the payment of such bonds or the corporation may borrow such additional

sum as may be required therefor of any person or corporation and execute

and deliver its bond for the moneys so borrowed and secure the payment

thereof by mortgage upon its real property as collateral thereto. The

proceeds of such bonds or such bond and mortgage shall be applied to the

payment of debts of the corporation incurred by the purchase of such

real property, or the construction and repair of a building or buildings

thereupon or the finishing or furnishing of apartments therein. Any of

the bodies specified in section seven may invest its funds in the bonds

authorized by this section to be issued. Such corporation shall have

authority also to borrow of any person or corporation such sum as in the

judgment of its board of trustees may be required to pay the cost of the

construction, repair, rebuilding or reconstruction of any such building

or buildings, and the finishing or furnishing of apartments therein, and

to secure the payment of any moneys so borrowed, and to execute and

deliver its bond for the sum so borrowed, and to secure the payment of

the same by mortgage upon its real property as collateral thereto.