§ 435. District corporation. 1. The present corporation acting within the territorial limits of New York, the New York district of the Assemblies of God, may reorganize by the formation of a new corporation which may have as many trustees as there are regional sections within the state, plus district officers, and others so designated by its constitution and by-laws. 2. Said corporation shall have jurisdiction over all churches to which this article applies, in conformity with the principles of voluntary cooperative fellowship as set forth in the constitution of the general council of the Assemblies of God. It shall also have the right to hold real property for district purposes, including district offices, Bible conference grounds, camps and educational institutions, homes, missions, as well as properties for local unincorporated missions or churches. 3. The said district corporation shall be vested with title to all property within the state now held in the name of the New York district of the Assemblies of God. The said corporation may convey any property without a court order, notwithstanding the provisions of section twelve of this chapter or article five of the not-for-profit corporation law, to a local church under all of the following conditions:

(a) Title was acquired by the district on behalf of the local church before the local church was incorporated.

(b) The local church has been in possession and has had the use of the premises.

(c) Premises had been acquired for and on behalf of the local church, the district corporation holding title merely in the nature of a trust.

(d) The right of creditors will not be affected by such transfer.