§ 5543. Debt and security interests.
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§ 5543. Debt and security interests.
(a)General rule.-- Unless otherwise provided in the bylaws, a nonprofit corporation may issue its bonds or other obligations for an amount and form of consideration as may be determined by or in the manner provided by the board of directors or other body.
(b)Creation of lien on real or personal property.-- The board of directors or other body may authorize any mortgage or pledge of, or the creation of a security interest in, all or any part of the real or personal property of the corporation, or any interest in the real or personal property. No application to or confirmation by a court shall be required, and, unless otherwise restricted in the bylaws, no vote or consent of the members shall be required to make effective the action by the board or other body.
15c5543v
(July 9, 2013, P.L.476, No.67, eff. 60 days)
15c5543.1s