Legislation
SECTION 205
Conveyance of real property to members for dwelling houses
Not-for-Profit Corporation (NPC) CHAPTER 35, ARTICLE 2
§ 205. Conveyance of real property to members for dwelling houses.
A not-for-profit corporation, if its by-laws so provide, and pursuant
to the provisions thereof, and without leave of the court, may convey to
a member of the corporation a portion of its real property for the
erection thereupon of a cottage or other dwelling-house with suitable
outbuildings. When so conveyed the title to such portion, together with
the buildings thereon, shall continue in such member and on his death
pass to his heirs or devisees, but the land shall not be alienable
except to the corporation or to a member thereof.
A not-for-profit corporation, if its by-laws so provide, and pursuant
to the provisions thereof, and without leave of the court, may convey to
a member of the corporation a portion of its real property for the
erection thereupon of a cottage or other dwelling-house with suitable
outbuildings. When so conveyed the title to such portion, together with
the buildings thereon, shall continue in such member and on his death
pass to his heirs or devisees, but the land shall not be alienable
except to the corporation or to a member thereof.