Section 402. Sale of former schoolhouse or site

1. Whenever the site of a
  schoolhouse shall have been changed, as herein provided, and  after  the
  value  of  such  property  has been appraised by the local assessor or a
  qualified private real property appraiser, the inhabitants of a district
  entitled to vote, lawfully assembled at any district meeting, shall have
  power, by a majority of the votes of those present and voting, to direct
  the sale of the former site  or  lot,  and  the  buildings  thereon  and
  appurtenances  or any part thereof, at such price and upon such terms as
  they shall deem proper; and any deed duly executed by  the  trustees  of
  such  district,  or  a majority of them, in pursuance of such direction,
  shall be valid and effectual to pass all the estate or interest of  such
  school district in the premises.
    2.  Whenever  the education of all the children of any school district
  shall have been provided outside the district for a period of two years,
  or more, pursuant  to  the  provisions  of  article  forty-one  of  this
  chapter,  and  the  site  of  the  schoolhouse or other grounds used for
  school purposes shall have been unused for a like period, and after  the
  value  of  such  property  has been appraised by the local assessor or a
  qualified private real property appraiser, the inhabitants of a district
  entitled to vote, shall have the power, by a majority of  the  votes  of
  those  present  and  voting, to determine that such site or grounds, and
  buildings thereon, are of no further use to the district and  to  direct
  the  sale  thereof, subject to the approval of the commissioner, at such
  price and upon such terms as they shall deem proper; and any  deed  duly
  executed  by  the  trustees  of such district, or a majority of them, in
  pursuance of such direction, shall be valid and effective  to  pass  all
  the estate or interest of such school district in the premises. Prior to
  the  sale  of  school buildings and site or grounds, as provided by this
  subdivision, the board of education or the trustees, having jurisdiction
  thereof, may lease such school buildings and site  or  grounds,  or  any
  part  thereof, for residential purposes for periods not in excess of one
  year. Rentals therefor shall be in such  amounts  and  payable  at  such
  times as the board shall determine.
    Prior  to such sale such board of education or trustees may lease such
  school buildings and site or grounds, or any part thereof,  as  provided
  in section four hundred three-a of this chapter.
    3.  When a credit shall be directed to be given upon such sale for the
  consideration money, or  any  part  thereof,  the  trustees  are  hereby
  authorized  to  take  in  their corporate name such security by bond and
  mortgage, or otherwise, for the payment  thereof,  as  they  shall  deem
  best,  and shall hold the same as a corporation, and account therefor to
  their successors in office and to the district, in the manner  they  are
  now  required  by  law  to  account for moneys received by them; and the
  trustees of any such district and their successors may, in the  name  of
  their  office,  sue  for  and recover the moneys due and unpaid upon any
  security so taken by them or their predecessors.