Dealing with property by the corporation
7 Dealing with property by the corporation
The corporation shall deal with or dispose of the real and personal property vested in the corporation in such manner, subject to any special trust affecting the property, as the executive committee thinks fit, but subject in the case of a lease, mortgage, or sale of real property, to the following conditions, namely—
a proposed lease, mortgage or sale of real property shall be submitted to an ordinary meeting of the executive committee and shall be specially mentioned in the notice convening the meeting;
the proposed lease, mortgage or sale, if approved by the previous meeting, shall be submitted to the meeting, and if approved by not less than 2/3 of those present when the motion is put, may be carried into effect by the executive committee;
a copy of the resolution of the executive committee directing the lease, mortgage or sale, if sealed with the common seal of the corporation, is conclusive evidence in favour of any person claiming by, through or under the lease, mortgage or sale that the resolution has been duly passed in compliance with the provisions of this Act and of the constitution;
a lessee, purchaser or mortgagee is not bound to see to the application of any moneys paid by him or her.
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