Michigan Laws 458.207 – Trustees; powers; disposal of realty
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Terms Used In Michigan Laws 458.207
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
The secular affairs of said church shall, subject to the control of the general corporate body, be managed by such board of trustees. It shall have power to purchase, build, repair, lease, sell, rent, mortgage, encumber or otherwise dispose of property: Provided, That before it shall sell, mortgage or otherwise encumber or dispose of real property the consent of the corporation shall be given by an affirmative vote of at least 2/3 of all members present at a public meeting, who are entitled to vote for trustees under this act, of which meeting 10 days’ notice at least shall be given, stating the time, place and object thereof.