The managers of an unincorporated nonprofit association may authorize any mortgage, pledge, or deed of trust of all or any of the property of the association of any description or any interest in the property, for the purpose of securing the payment or performance of any obligation or contract. Unless the governing principles or the terms of any trust on which the association holds any particular property provide otherwise, no vote or consent of the members of the association or authorization from the court under section 1715.39 of the Revised Code is necessary for that action.
Added by 129th General AssemblyFile No.79, HB 267, §1, eff. 5/22/2012.Section: Previous 1745.31 1745.32 1745.33 1745.34 1745.35 1745.36 1745.37 1745.38 1745.39 1745.40 1745.41 1745.42 1745.43 1745.44 1745.45 Next
Last modified: October 10, 2016