With respect to the disposal of property belonging to [[the Corporation]], the following provisions shall have effect, namely:---
(a) the Commissioner may, in his discretion, dispose of, by sale or otherwise, any movable property belonging to [[the Corporation]] not exceeding in value in each instance one thousand rupees, or such higher amount as [[the Corporation]] may prescribe, or let out or hire any movable property or grant a lease of any immovable property belonging to [[the Corporation]], including any right of gathering and taking fruits and the like, for a period not exceeding one year at a time;
(b) the Commissioner may, with the sanction of the Standing Committee,---
(i) dispose of, by sale or otherwise, any movable property belonging to [[the Corporation]] the value of which does not exceed five thousand rupees;
(ii) grant a lease (other than a lease in perpetuity) of any immovable property belonging to [[the Corporation]]; or
(iii) sell or grant a lease in perpetuity of any immovable property belonging to [[the Corporation]] the value of which does not exceed fifty thousand rupees or the annual rent of which does not exceed three thousand rupees;
(c) in cases not covered by clause (a) or clause (b), the Commissioner may, with the sanction of [[the Corporation]], lease, sell, let out on hire or otherwise transfer any property, movable or immovable, belonging to [[the Corporation]];
(d) the consideration for which any immovable property may be sold, leased or otherwise transferred shall not be less than the value at which such immovable property could be sold, leased or otherwise transferred in normal and fair competition;
(e) the sanction of the Standing Committee or of [[the Corporation]] under the aforesaid clauses may be given either generally for any class of cases or specially for any particular case;
(f) subject to any conditions or limitations that may be specified in any other provisions of this Act, the foregoing provisions of this section shall apply to every disposal of property belonging to [[the Corporation]] made under, or for any purpose of, this Act;
(g) every case of disposal of property under clause (a) and clause (b) shall be reported by the Commissioner without delay to the Standing Committee and [[the Corporation]] respectively.