Section 411. Real estate

(a) A society shall not sell or mortgage any of
  its real property without applying for and obtaining leave of the  court
  therefor   pursuant   to   the   provisions   of  article  five  of  the
  not-for-profit corporation law.
    (b) If a sale or mortgage of any real property of any such society has
  been heretofore or shall be hereafter made and a conveyance or  mortgage
  executed  and  delivered  without  the authority of a court of competent
  jurisdiction, obtained as required by law, or not in accordance with its
  directions, the court may,  thereafter,  upon  the  application  of  the
  corporation,  or  of  the grantee or mortgagee in any such conveyance or
  mortgage or of any person claiming through or under any such grantee  or
  mortgagee  upon  such  notice to such corporation, or its successor, and
  such other person or persons as may be interested in such  property,  as
  the  court may prescribe, confirm said previously executed conveyance or
  mortgage,  and  order  and  direct  the  execution  and  delivery  of  a
  confirmatory  deed  or  mortgage,  or the recording of such confirmatory
  order in the office where deeds and mortgages are recorded in the county
  in which the property is located; and  upon  compliance  with  the  said
  order  such original conveyance or mortgage shall be as valid and of the
  same force and effect as if it has been executed and delivered after due
  proceedings had in accordance with the statute and the direction of  the
  court.
    (c)  The  provisions  of this section shall not apply to real property
  heretofore or hereafter acquired on a sale in an  action  or  proceeding
  for  the  foreclosure  of  a  mortgage  owned  by a society or held by a
  trustee for or in behalf of a society or to real property heretofore  or
  hereafter acquired by a society or held by a trustee for or in behalf of
  a society by deed in lieu of the foreclosure of a mortgage owned, either
  in  whole  or  in  part,  whether in certificate form or otherwise, by a
  society.