§ 5546. Purchase, sale, mortgage and lease of real property.
142 words·~1 min read·
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§ 5546. Purchase, sale, mortgage and lease of real property.
Except as otherwise provided in this subpart and unless otherwise provided in the bylaws, no application to or confirmation of any court shall be required for the purchase by or the sale, lease or other disposition of the real or personal property, or any part of the real or personal property, of a nonprofit corporation, and, unless otherwise restricted in section 5930 (relating to voluntary transfer of corporate assets) or in the bylaws, no vote or consent of the members shall be required to make effective such action by the board or other body.
If the property is subject to a trust, the conveyance away shall be free of trust, and the trust shall be impinged upon the proceeds of the conveyance.
15c5546v
(July 9, 2013, P.L.476, No.67, eff. 60 days)
15c5546.1s