Michigan Laws 458.530 – United Missionary churches; powers of trustees
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Terms Used In Michigan Laws 458.530
- 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.
The trustees shall have power, according to the terms and limitations of the discipline of the United Missionary church, as from time to time authorized and declared by the annual conference of said church, to purchase, build, repair, lease, rent, mortgage or encumber its property: Provided, That in case of selling or disposing of real estate, the consent of the annual conference be obtained.