5Mode of dealing with property

5 Mode of dealing with property

5 Mode of dealing with property

The corporation shall deal with or dispose of the property vested in the corporation in such manner, subject to any special trust affecting the same, as the executive committee thinks fit, but subject in the case of a mortgage or sale of real property to the following conditions:

(a) Any proposed 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 seven days’ notice shall have been given, such proposed mortgage or sale of such real property, if approved by the previous meeting, shall be submitted to the meeting, and if approved of 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 mortgage or sale if sealed with the seal of the corporation shall be conclusive evidence in favour of any person claiming by, through or under such mortgage or sale that such resolution has been duly passed in compliance with the provisions of this Act, and of the constitution.

(d) No purchaser or mortgagee shall be bound to see to the application of any moneys paid by him.