§ 455. Disposition of property. Whenever a Coptic Orthodox parish shall hereafter be duly divided by the Coptic Orthodox bishop of the diocese in which said parish is located into two parishes within such diocese, then the Coptic Orthodox bishop or his successor shall have the right and power, of himself independently of any action or consent on the part of the trustees of the original Coptic Orthodox Church corporation to transfer assets, with or without valuable consideration, from the original Coptic Orthodox corporation to the new or second Coptic Orthodox Church corporation. Said transfer shall be made by said bishop or his successor after having complied with the requirements of this chapter in the same manner as the trustees of any religious corporation are compelled to do before making a transfer of church property.

Terms Used In N.Y. Religious Corporations Law 455

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Coptic Orthodox Church: refers to the Apostolic Church presided over by His Holiness, the Pope of Alexandria (Egypt) and the Patriarch of the See of St. See N.Y. Religious Corporations Law 451
  • 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.