N.Y. Religious Corporations Law 351 – Conveyance of property
§ 351. Conveyance of property. Whenever it may become necessary or advisable to mortgage or dispose of any church property, the trustees may mortgage or sell and convey the same by first securing the authority of the society for such sale or mortgage and the approval of the archbishop, or bishop, who is administrator of the Byelorussian Autocephalic Orthodox Church in America, and obtaining leave of the supreme or county court therefor pursuant to the provisions of this chapter; provided that in all cases the proceeds of such sale or mortgage shall be used either for the payment of debts or for the purchase or improvement of property for the same uses and deeded to the same corporation; or if not so used, shall be held subject to the order of the diocesan council of the Byelorussian Autocephalic Orthodox Church in America which has ecclesiastical jurisdiction over such church.
Terms Used In N.Y. Religious Corporations Law 351
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.