—(1) The Corporation shall not sell, exchange, mortgage, lease (otherwise than upon a tenancy not exceeding three years) or otherwise alienate or encumber any immovable property belonging to the Corporation without the leave of the High Court, and the Corporation shall not purchase any immovable property out of the funds of the Corporation without such leave, and no application to the High Court for such leave shall be made without a resolution being first passed at a General Meeting of members held for such purpose.
(2) Such leave shall be applied for by petition addressed to the Court setting out the facts and reasons for which the Corporation desires to sell, exchange, mortgage or otherwise alienate or encumber or purchase the immovable property and praying for a decree of the Court as in a suit relating to charities.
(3) A copy of every such petition shall be served on the Attorney-General a reasonable time before the hearing of the petition.
(4) The Attorney-General may oppose the prayer of the petition, and if, after hearing him, the Court is of opinion that it will be for the general advantage of the Corporation and the members of the Teochew Community for whose benefit the Corporation is maintained to grant the prayer of the petition the Court may make a decree to that effect.
(5) The application to the Court and the decree of the Court shall be recited in the conveyance, assignment, mortgage, lease or other assurance of the immovable property to be given to the purchaser, mortgagee, lessee or other person or taken by the Corporation.
(6) Any immovable property so sold, exchanged, leased or otherwise alienated, except by way of mortgage, shall be held by the purchaser or person exchanging or otherwise taking the same free from the trusts imposed under this Ordinance.