Section 10-4-24 Borrowing of money and securing same by mortgage or deed of trust. - Alabama Statutes

Section 10-4-24

Borrowing of money and securing same by mortgage or deed of trust.

The trustees, or a majority of them, or authorized agents of any church, conference of churches, societies or associations organized by special charter or under the general laws of this state, may borrow money to such an amount as may be authorized by a majority of the trustees or authorized agents and may, by mortgage or deed of trust, convey all or any part of the property owned, real or personal or both, to secure the payment of any debt contracted by said trustees or authorized agents; but before such mortgage or deed of trust can be executed, a majority of the board of trustees or authorized agents shall have first authorized the incurring of such debt and the execution of such mortgage or deed of trust on all or part of the real or personal property, or both, of such church, conference of churches, society or association, which authorization must be made at a meeting of such board of trustees or authorized agents specifically called for the purpose. Any such church, conference of churches, society or association may grant to its board of trustees or authorized agents the power to convey by mortgage or deed of trust any or all of its property, real or personal, it may then own or may thereafter acquire for the purpose of securing any debt contracted by said board of trustees. A certified copy of the minutes of such church, conference of churches, society or association, or of the board of trustees or authorized agents, shall be prima facie evidence of the authority of said board of trustees or authorized agents.

(Code 1876, §1997; Code 1886, §1698; Code 1896, §1306; Code 1907, §3617; Acts 1919, No. 568, p. 826; Code 1923, §7171; Acts 1927, No. 119, p. 83; Code 1940, T. 10, §128.)