Section 426: Procedure to be followed by body corporate while purchasing or transferring property

1) If, in transferring an immovable property held in the name of a body corporate established in accordance with law, the board of directors of such a body gives power by a decision to any member of the board of directors or employee of such a body to transfer the property, such a person may transfer the property on behalf of such a body.

2) If the procedure referred to in sub-section (1) is fulfilled while purchasing or otherwise obtaining an immovable property in the name of a corporate body, the property may be purchased or obtained in the name of such a body.