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§ 5-306. Trustees, general powers

West's Annotated Code of MarylandCorporations and Associations

West's Annotated Code of Maryland
Corporations and Associations
Title 5. Special Types of Corporations (Refs & Annos)
Subtitle 3. Religious Corporations
Part I. In General
MD Code, Corporations and Associations, § 5-306
§ 5-306. Trustees, general powers
Currentness
Powers of trustees
(a) The trustees have the power to:
(1) Have perpetual existence under the name of the religious corporation;
(2) Purchase, take, or acquire by gift, bequest, or in any other manner and hold any interest in any assets in the State;
(3) Use, lease, mortgage, sell, or convey the assets in the manner that the trustees consider most conducive to the interest of the religious corporation;
(4) Generally manage any assets of the religious corporation; and
(5) Adopt rules and ordinances for conducting their affairs as necessary and convenient to accomplish the purpose of the religious corporation, including:
(i) Appointing the time and place of a meeting of its members; and
(ii) Determining the number of members necessary to constitute a quorum.
Disposition of assets
(b) The provisions of this section do not authorize any sale, mortgage, or other disposition of any asset of the religious corporation which is held under an instrument prohibiting that sale, mortgage, or other disposition.
Prohibitions
(c) By resolution, the trustees may authorize one or more of their members to:
(1) Execute any instrument required to be executed by the trustees, including any deed, mortgage, or other conveyance of assets which are to be sold, transferred, or encumbered; and
(2) Attest and affix to the instrument the corporate seal, if any.

Credits

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975.
Formerly Art. 23, §§ 256, 257, 265.
MD Code, Corporations and Associations, § 5-306, MD CORP & ASSNS § 5-306
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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