7Manner of dealing with property by the corporation

7 Manner of dealing with property by the corporation

The corporation shall deal with or dispose of the real property or 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) A proposed lease, mortgage, or sale of real property shall be submitted, in the first instance, to an ordinary meeting of the Executive Committee and shall be specially mentioned in the notice convening the meeting;

(b) At the next ordinary meeting of the Executive Committee, of which not less than 7 days' notice has been given, 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 two-thirds of those present when the motion is put, may be carried into effect by the Executive Committee;

(c) 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; and

(d) A lessee, purchaser, or mortgagee is not bound to see to the application of any moneys paid by him.