(1) No employee shall except with the previous knowledge of the prescribed authority, acquire or dispose of any immovable property by lease, mortgage, purchase, sale, gift or otherwise, either in his own name or in the name of any member of his family :
Provided that any such transaction conducted otherwise than through a regular or reputed dealer shall require the previous sanction of the prescribed authority.
Explanation – The prescribed authority for the purpose of the clause shall be – i) the Corporation in the case of all Grade I employees ;
ii) Heads of Departments in the case of all Grade II employees; and iii) Heads of Offices in the case of Grade III employees.
(2) An employee who enters into any transaction concerning any movable property exceeding one thousand rupees in value, whether by way of purchase, sale or otherwise, shall forthwith report such transaction to the prescribed authority ;
Provided that no employee shall enter into any such transaction except with or through a regular or reputed dealer or agent or with the previous sanction of the prescribed authority.
Explanation – For the purpose of this regulation, the expression “movable property” includes inter alia the following property, namely ;
a) jewellery, insurance policies, shares, securities and debentures ;
b) loans advanced by such employee whether secured or not ;
c) motor cars, motor cycles, horses, or any other means of conveyance ;
and d) refrigerators, radios and radiograms
(3) Every Grade I and Grade II employee shall, on first appointment in the Corporation and thereafter at intervals of every twelve months, submit a return in such from as the Corporation may prescribe in this behalf, of all immovable property owned, acquired or inherited by him or held by him on lease or mortgage, either in his own name or in the name of any member of his family or in the name of any other person.
(4) The Corporation or any authority empowered by it in this behalf may, at any time, by general or special order, require an employee to submit within a period specified in the order a full and complete statement of such movable or immovable property held or acquired by him or by any member of his family as may be specified in the order. Such statement shall, if so required by the Corporation or by the authority so empowered, include details of the means by which or the source from which such property was acquired.