New York § 509 Purchase, sale, mortgage and lease of real property

New York Statutes

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

New York § 509

Law NPCNot-for-Profit Corporation

Art. 5Corporate Finance

This text of New York § 509 (Purchase, sale, mortgage and lease of real property) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Not-for-Profit Corporation § 509 (2026).

Text

§ 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 bo

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§ 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