40.1-52 - Authority of labor unions to own, encumber and sell real estate. - Virginia Statutes

§ 40.1-52. Authority of labor unions to own, encumber and sell real estate.

The trustees of any unincorporated association organized for mutual benefitand chartered as a labor union for the purpose of collective bargaining andother lawful functions of labor unions, as defined by the laws of thisCommonwealth, and having a duly authorized charter as a local labor union,from either a state or national labor organization, shall have the right toown, possess, improve, sell or mortgage real estate. Such real estate can beacquired for any lawful purpose whatsoever.

Property acquired by an unincorporated association under the provisions ofthis section can be sold, mortgaged or the title transferred by such trusteesin the same manner and to the same extent as if such trustees were naturalpersons acting for themselves in their individual capacity, under the laws ofthis Commonwealth.

The provisions of this section shall apply to any real estate acquired priorto July 1, 1997, by any such unincorporated association, provided such realestate is real estate that could be legally acquired by such unincorporatedassociation, if acquired after such date.

(Code 1950, § 40-63; 1966, c. 382; 1970, c. 321; 1997, c. 761.)