Subject to the provisions of section 267 of the Act, immovable property which vests in and belongs to the Cantonment Board may be leased by the Cantonment Board without a premium on the following conditions, namely:-
(i) that a reasonable rent is reserved and made payable during the whole term of the lease or, in the alternative, a suitable revenue generating model duly approved by the Principal Director is devised;
(ii) that the lease, or the agreement for the lease, is not made for any term without the previous sanction of the Cantonment Board by resolution at a general meeting; or for any term exceeding five and not exceeding twenty years without the sanction of the Principal Director; or for any term exceeding twenty and not exceeding thirty years without the sanction of the General Officer Command-in-Chief, the Command; or for any term exceeding thirty years without the sanction of the Central Government.
(iii) that a lease for any purpose for which the Cantonment Board itself could not, utilize the property, under section 123 of the Act, shall require the previous sanction of the Central Government;
(iv) that every lease shall specify in clear terms the purpose or purposes to which leased property may be put by the lessee, and shall contain a clause empowering the Cantonment Board to abrogate the lease in the event of the property being used for any other purpose without the consent of the Cantonment Board;
(v) that the Cantonment Board shall not give its consent in pursuance of clause (iv) without the previous sanction of the Central Government if such consent is sought for use of the leased 6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 4] property for a purpose for which the Cantonment Board could not itself apply the property under section 123 of the Act;
(vi) that where the lessee, in contravention of the terms of the lease and without the consent of the Cantonment Board, uses the leased property for any purpose to which the Cantonment Board could not itself utilize the property under section 123 of the Act, the Cantonment Board shall forthwith abrogate the lease, and any fresh lease of the same property to the lessee shall be granted only with the previous sanction of the Central Government and on such terms as the Central Government may direct:
Provided that subject to the provisions of section 257 of the Act, any immovable property which is, or includes a part of a street shall not be given on lease.