Canon 705. A religious who is raised to the episcopate remains a member of his institute, but is subject only to the Roman Pontiff by his vow of obedience. He is not bound by obligations which he prudently judges are not compatible with his condition.

Religiosus ad episcopatum evectus instituti sui sodalis remanet, sed vi voti oboedientiae uni Romano Pontifici obnoxius est, et obligationibus non adstringitur, quas ipse prudenter iudicet cum sua condicione componi non posse.

Canon 706. In the case of the religious mentioned above:

1° if he has lost the ownership of his goods through his profession he now has the use and enjoyment and the administration of the goods which he acquires. In the case of a diocesan Bishop and of those mentioned in can. 381 §2, the particular Church acquires their ownership; in the case of others, they belong to the institute or the Holy
See, depending on whether the institute is or is not capable of possessing goods;

2° if he has not lost the ownership of his goods through his profession, he recovers the use and enjoyment and the administration of the goods he possessed; what he obtains later, he acquires fully;

3° in both cases any goods he receives which are not personal gifts must be disposed of according to the intention of the donors.

Religiosus de quo supra:

1° si per professionem dominium bonorum amiserit, bonorum quae ipsi obveniant habet usum, usumfructum et administrationem; proprietatem vero Episcopus dioecesanus aliique, de quibus in can. 381, §2, acquirunt Ecclesiae particulari; ceteri, instituto vel Sanctae Sedi, prout institutum capax est possidendi vel minus;

2° si per professionem dominium bonorum non amiserit, bonorum, quae habebat, recuperat usum, usumfructum et administrationem; quae postea ipsi obveniant, sibi plene acquirit;

3° in utroque autem casu de bonis, quae ipsi obveniant non intuitu personae, disponere debet secundum offerentium voluntatem.

Canon 707. §1 A religious Bishop ‘emeritus’ may choose to reside outside the house of his institute, unless the Apostolic See disposes otherwise.

§2 If he has served a diocese, can. 402 §2 is to be observed concerning his suitable and worthy maintenance, unless his own institute wishes to provide such maintenance. Otherwise, the Apostolic See is to make other provision.
[NB see Authentic Interpretation of canon 705-707, 17.V.1986]

§1. Religiosus Episcopus emeritus habitationis sedem sibi eligere potest etiam extra domos sui instituti, nisi aliud a Sede Apostolica provisum fuerit.

§2. Quoad eius congruam et dignam sustentationem, si cuidam dioecesi inserviverit, servetur can. 402, §2, nisi institutum proprium talem sustentationem providere voluerit; secus Sedes Apostolica aliter provideat.