(1)  Where any property is held by an incorporated association upon trust then, notwithstanding that the deed or other instrument creating the trust or the rules of the association do not contain any power to dispose of the property or forbid any such transaction, any person who is authorized so to do by the committee of the association, may make application to a judge for an order authorizing the disposal of the whole or any portion of the property where the trusts upon which it is held have come either wholly or partially to an end.

(2)  Upon an application under this section, the judge may, in any case in which he considers it proper so to do, make an order authorizing the disposal of the property to which the application relates and directing the manner in which the proceeds arising from the disposal of the property shall be disposed of.

(3)  Upon the making of an order under this section the association may, in accordance with the terms of the order, dispose of the property freed from all trusts to which it was subject.