Section 458.425 - Powers of trustees; powers of corporation; sale of land, investment of proceeds. - Michigan Statutes

CHRISTIAN REFORMED CHURCHES (EXCERPT)
Act 148 of 1901

458.425 Powers of trustees; powers of corporation; sale of land, investment of proceeds.

Sec. 5.

Such corporation may also in their own corporate name sue and be sued in all courts and places, and may in its corporate name recover and hold all debts, demands, rights and privileges, churches, buildings and parsonages and all the estate and appurtenances belonging to such church in whatsoever manner the same may have been acquired, or in whose hands soever the same may be held, as fully and amply as if the right and title thereto had been originally vested in said corporation, and they may hold the moneys and personal estate raised or acquired for the purpose of erecting churches, parsonages and other buildings and may hold such an amount of real estate as it shall be reasonably necessary for church, lecture or school room and for dwellings for their ministers. Such trustees may also receive bequests or gifts of money for investment upon bond or mortgage, when the interest of such investment is to be used by such trustees for the lawful purposes of such church and may receive gifts or devises of real estate for like purpose; but all such real estate so received, except that used for church buildings, site, school or lecture rooms and parsonages, shall be sold within 10 years from the time it becomes the property of such church and the proceeds derived from such sale shall be invested or used in like manner as if the original gift or devise had been in money.

History: 1901, Act 148, Eff. Sept. 5, 1901 ;-- CL 1915, 11034 ;-- CL 1929, 10978 ;-- CL 1948, 458.425