With respect to the disposal of property belonging to the Corporation, the following provisions shall have effect, namely :––
(a) The Commissioner may, with the prior approval of the Corporation––
(i) dispose of, by sale or otherwise, any moveable property belonging to the Corporation 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 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 lakh rupees or the annual rent of which does not exceed five lakh rupees ;
(b) in cases not covered by clause (a) the Commissioner may, with the sanction of the Government on recommendation of the Corporation lease, sell, let out on hire or otherwise transfer any property, moveable or immovable, belonging to the Corporation ;
(c) 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 ;
(d) the sanction of the Government under the aforesaid clauses may be given either generally for any class of cases or specially for any particular case ;
(e) subject to any condition or limitation that may be specified by or under any other provision of this Act, the forgoing provisions of this section shall apply to every disposal of property belonging to the Corporation made under, or for any purposes of this Act.