Laws of New York (Last Updated: November 21, 2014) |
NPC Not-For-Profit Corporation |
Article 5. CORPORATE FINANCE |
Section 509. Purchase, sale, mortgage and lease of real property
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No purchase of real property shall be made by a corporation and no corporation shall sell, mortgage or lease real property, unless authorized by the vote of two-thirds of the entire board, provided that if there are twenty-one or more directors, the vote of a majority of the entire board shall be sufficient.