(1) Subject to any special reservation made or to any special conditions imposed by the Government, all property of the nature hereinafter in this section specified and situated within the municipal area, shall vest in and be under the control of the municipality and with all other property which has already vested in the municipality shall be held and applied by it for the purpose of this Act, that is to say––
(a) all public town-walls, gates, markets, stalls, slaughter houses, manure and night soil deposits and public buildings of every description which have been constructed or are maintained out of the municipal fund ;
(b) all public streams, springs and works for the supply, storage and distribution of water for public purposes, and all bridges, buildings, engines, materials and things connected therewith or appertaining thereto, and also any adjacent land, not being private property appertaining to any public tank or well ;
(c) all public sewers and drains, and all drains, culverts and watercourses in or under any public street, or constructed by or for the municipality alongside any public street, and all works, materials and things appertaining thereto ;
(d) all dust, dirt, dung, ashes, refuse, animals, collected by the municipality from the streets, houses, privies, sewers, cesspools or elsewhere or deposited in places fixed by the municipality under section 154 ;
(e) all public lamps, lamp-posts and apparatus connected therewith or appertaining thereto ;
(f) all land or other property transferred to the municipality by the Government or acquired by gift purchase or otherwise for local public purposes ;
(g) all public streets not being land owned by the Government and the pavements, stones and other materials thereof and also trees growing on, and erections, materials, implements and things provided for such streets.
(2) Where any immovable property is transferred otherwise than by the sale by the Government to a municipality for public purposes, it shall be deemed to be a condition of such transfer, unless specified to the contrary that should the property be at any time resumed by the Government, the compensation payable therefor shall, in no case exceed the amount, if any, paid to the [State Government] for the transfer together with the cost or the present value, whichever shall be less, of any building, erected on or other works executed on the land by municipality.
(3) The municipality shall maintain a register and a map of all immovable property of which it is the proprietor, or which vests in it, or which it holds in trust for the Government.
(4) The Executive Officer may with the prior approval of the municipality––
(i) dispose of by sale or otherwise any moveable property belonging to the municipality the value of which does not exceed one lakh rupees ; or
(ii) grant a lease, not exceeding a period of ten years, of any immovable property belonging to the municipality ; or
(iii) sell or grant a lease in perpetuity of any immovable property belonging to the municipality the value of which does not exceed one lakh rupees or the annual rent of which does not exceed ten thousand rupees.
(5) The Executive Officer may, with the prior approval of the municipality, sell or grant a lease in respect of properties, amenities and utility raised on loans from the non-Government sources to liquidate the liabilities.