§ 509 — Purchase, sale, mortgage and lease of real property

§ 509. Purchase, sale, mortgage and lease of real property.\n (a) No corporation shall purchase real property unless such purchase\nis authorized by the vote of a majority of directors of the board or of\na majority of a committee authorized by the board, provided that if such\nproperty would, upon purchase thereof, constitute all, or substantially\nall, of the assets of the corporation, then the vote of two-thirds of\nthe entire board shall be required, or, if there are twenty-one or more\ndirectors, the vote of a majority of the entire board shall be\nsufficient.\n (b) No corporation shall sell, mortgage, lease, exchange or otherwise\ndispose of its real property unless authorized by the vote of a majority\nof directors of the board or of a majority of a committee authorized by\nthe board; provided that if such property constitutes all, or\nsubstantially all, of the assets of the corporation, then the vote of\ntwo-thirds of the entire board shall be required, or, if there are\ntwenty-one or more directors, the vote of a majority of the entire board\nshall be sufficient.\n (c) If a corporation authorizes a committee to act pursuant to\nparagraphs (a) and (b) of this section, the committee shall promptly\nreport any actions taken to the board, and in no event after the next\nregularly scheduled meeting of the board.\n