In case any title or interest in real estate required by any company formed under this chapter for the purpose of its incorporation shall be vested in any trustee not authorized to sell, release and convey the same, or in any infant or mentally or physically disabled person, the probate division of the circuit court shall have power by a summary proceeding on petition to authorize and empower such trustee or the conservator of such infant or mentally or physically disabled person, to sell and convey the same to such company, for the purposes of its incorporation, on such terms as may be just; and in case any such infant or disabled person is not in charge of such court or conservator, the court may appoint a guardian ad litem for the purpose of making such sale, release or conveyance, and may require such security from such guardian ad litem as the court may deem proper. But before any conveyance or release, authorized by this section, shall be executed, the terms on which the same is to be executed shall be reported to the court on oath; and if the court is satisfied that such terms are just to the parties interested in such real estate, the court shall confirm the report and direct the proper conveyance or release to be executed, which shall have the same effect as if executed by an owner of the land, having legal power to sell and convey the same.