§429-5  Statement of authority as to real

property.  (a)  A nonprofit association may execute and record a statement

of authority to transfer an estate or interest in real property in the name of

the nonprofit association.

     (b)  An estate or interest in real property in

the name of a nonprofit association may be transferred by a person so

authorized in a statement of authority recorded in the office of the assistant

registrar of the land court or in the bureau of conveyances, whichever is the

office in which a transfer of the property would be recorded.

     (c)  A statement of authority shall set forth:

     (1)  The name of the nonprofit association;

     (2)  The federal tax identification number, if any, of

the nonprofit association;

     (3)  The address in this State, including the street

address, if any, of the nonprofit association or, if the nonprofit association

does not have an address in this State, its address out-of-state;

     (4)  That it is an unincorporated nonprofit

association; and

     (5)  The name or title of a person authorized to

transfer an estate or interest in real property held in the name of the

nonprofit association.

     (d)  A statement of authority shall be executed

in the same manner as a deed by a person who is not the person authorized to

transfer the estate or interest.

     (e)  A filing officer may collect a fee for

recording a statement of authority in the amount authorized for recording a

transfer of real property.

     (f)  An amendment, including a cancellation, of

a statement of authority shall meet the requirements for execution and

recording of an original statement.  Unless canceled earlier, a recorded

statement of authority or its most recent amendment shall be canceled by

operation of law five years after the date of the most recent recording.

     (g)  If the record title to real property is in

the name of a nonprofit association and the statement of authority is recorded

in the office in which a transfer of real property would be recorded, the

authority of the person named in a statement of authority shall be conclusive

in favor of a person who gives value without notice that the person lacks

authority. [L 1999, c 161, pt of §1; am L 2001, c 130, §1]