§ 48. Legacies. Any devise or bequest of real or personal property to
an unincorporated parish, mission, congregation, chapel or religious
society under the jurisdiction of or in communion with the Protestant
Episcopal Church, for the purposes of such gift, may be taken, held and
administered for the benefit of such devisee or legatee by the diocesan
corporation of the diocese in which such devisee or legatee is situate,
and such diocesan corporation shall have the power, subject to the
provisions of article five of the not-for-profit corporation law and of
section twelve of this chapter, to lease, improve, mortgage, sell,
convey and transfer any property so held.