N.Y. Not-for-Profit Corporation Law § 509: Purchase, sale, mortgage and lease of real property

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

(a) No corporation shall purchase real property unless such purchase

is authorized by the vote of a majority of directors of the board or of

a majority of a committee authorized by the board, provided that if such

property would, upon purchase thereof, constitute all, or substantially

all, of the assets of the corporation, then the vote of two-thirds of

the entire board shall be required, or, if there are twenty-one or more

directors, the vote of a majority of the entire board shall be

sufficient.

(b) No corporation shall sell, mortgage, lease, exchange or otherwise

dispose of its real property unless authorized by the vote of a majority

of directors of the board or of a majority of a committee authorized by

the board; provided that if such property constitutes all, or

substantially all, of the assets of the corporation, then the vote of

two-thirds of the entire board shall be required, or, if there are

twenty-one or more directors, the vote of a majority of the entire board

shall be sufficient.

(c) If a corporation authorizes a committee to act pursuant to

paragraphs (a) and (b) of this section, the committee shall promptly

report any actions taken to the board, and in no event after the next

regularly scheduled meeting of the board.