Corporations, district: Ownership

4120

(9) In the event the corporation shall be dissolved, or become inactive, or whenever the board of directors (4120:6) shall cease to function, any and all assets of the corporation shall inure to The Wesleyan Church Corporation (4200), and the General Board, in the name of The Wesleyan Church Corporation, shall carry on the functions of the corporation and exercise its corporate powers and shall be authorized to institute any necessary legal or equitable actions to preserve the interests and rights of the district and of The Wesleyan Church (1655:35).

4140. All grants, conveyances, devises, gifts, transfers, and assignments made of any property, real, personal, or mixed, to or for an incorporated district shall be held by and/or conveyed and transferred to the corporate body in its corporate name, in trust for the use and benefit of the members and ministers of The Wesleyan Church and of such district and subject to The Discipline, regulations, and appointments of said Church, as from time to time legislated and declared. Every instrument or conveyance of real property shall contain the trust clause as set forth in 4610 (323:8). 4150. The members (4120:8) and/or board of directors (4120:6) of a district corporation shall not have authority to divert any property from the ownership and use of The Wesleyan Church and its duly elected officials, and said members and/or board of directors are subject to the regulations concerning property held by a district as set forth in The Discipline (4870–4880; Gen. Bd. Policy on Ch. Disc. 5375). The board of directors of a district corporation shall consult with the General Superintendent concerning transactions involving real property used for district purposes such as a district parsonage, headquarters, or campgrounds (1935; 4840:1).