§ 411. Real estate. (a) A society shall not sell or mortgage any of
its real property without applying for and obtaining leave of the court
therefor pursuant to the provisions of article five of the
not-for-profit corporation law.

(b) If a sale or mortgage of any real property of any such society has
been heretofore or shall be hereafter made and a conveyance or mortgage
executed and delivered without the authority of a court of competent
jurisdiction, obtained as required by law, or not in accordance with its
directions, the court may, thereafter, upon the application of the
corporation, or of the grantee or mortgagee in any such conveyance or
mortgage or of any person claiming through or under any such grantee or
mortgagee upon such notice to such corporation, or its successor, and
such other person or persons as may be interested in such property, as
the court may prescribe, confirm said previously executed conveyance or
mortgage, and order and direct the execution and delivery of a
confirmatory deed or mortgage, or the recording of such confirmatory
order in the office where deeds and mortgages are recorded in the county
in which the property is located; and upon compliance with the said
order such original conveyance or mortgage shall be as valid and of the
same force and effect as if it has been executed and delivered after due
proceedings had in accordance with the statute and the direction of the
court.

(c) The provisions of this section shall not apply to real property
heretofore or hereafter acquired on a sale in an action or proceeding
for the foreclosure of a mortgage owned by a society or held by a
trustee for or in behalf of a society or to real property heretofore or
hereafter acquired by a society or held by a trustee for or in behalf of
a society by deed in lieu of the foreclosure of a mortgage owned, either
in whole or in part, whether in certificate form or otherwise, by a
society.