§ 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.