§ 402. Sale of former schoolhouse or site. 1. Whenever the site of a\nschoolhouse shall have been changed, as herein provided, and after the\nvalue of such property has been appraised by the local assessor or a\nqualified private real property appraiser, the inhabitants of a district\nentitled to vote, lawfully assembled at any district meeting, shall have\npower, by a majority of the votes of those present and voting, to direct\nthe sale of the former site or lot, and the buildings thereon and\nappurtenances or any part thereof, at such price and upon such terms as\nthey shall deem proper; and any deed duly executed by the trustees of\nsuch district, or a majority of them, in pursuance of such direction,\nshall be valid and effectual to pass all the estate or interest of such\nschool district in the premises.\n 2. Whenever the education of all the children of any school district\nshall have been provided outside the district for a period of two years,\nor more, pursuant to the provisions of article forty-one of this\nchapter, and the site of the schoolhouse or other grounds used for\nschool purposes shall have been unused for a like period, and after the\nvalue of such property has been appraised by the local assessor or a\nqualified private real property appraiser, the inhabitants of a district\nentitled to vote, shall have the power, by a majority of the votes of\nthose present and voting, to determine that such site or grounds, and\nbuildings thereon, are of no further use to the district and to direct\nthe sale thereof, subject to the approval of the commissioner, at such\nprice and upon such terms as they shall deem proper; and any deed duly\nexecuted by the trustees of such district, or a majority of them, in\npursuance of such direction, shall be valid and effective to pass all\nthe estate or interest of such school district in the premises. Prior to\nthe sale of school buildings and site or grounds, as provided by this\nsubdivision, the board of education or the trustees, having jurisdiction\nthereof, may lease such school buildings and site or grounds, or any\npart thereof, for residential purposes for periods not in excess of one\nyear. Rentals therefor shall be in such amounts and payable at such\ntimes as the board shall determine.\n Prior to such sale such board of education or trustees may lease such\nschool buildings and site or grounds, or any part thereof, as provided\nin section four hundred three-a of this chapter.\n 3. When a credit shall be directed to be given upon such sale for the\nconsideration money, or any part thereof, the trustees are hereby\nauthorized to take in their corporate name such security by bond and\nmortgage, or otherwise, for the payment thereof, as they shall deem\nbest, and shall hold the same as a corporation, and account therefor to\ntheir successors in office and to the district, in the manner they are\nnow required by law to account for moneys received by them; and the\ntrustees of any such district and their successors may, in the name of\ntheir office, sue for and recover the moneys due and unpaid upon any\nsecurity so taken by them or their predecessors.\n
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