(1) The following shall constitute the property of a Halqa Panchayat :—
(i) public village road, within the Halqa Panchayat area other than those under the control of any Department of the [Government of the Union territory of Jammu and Kashmir] ;
(ii) property, movable and immovable, which has been transferred to a Halqa Panchayat by the [Government of the Union territory of Jammu and Kashmir], any public body or an individual ;
(iii) buildings, slaughter-houses, manure and night soil dumping sites, structures and water reservoir built by a Halqa Panchayat from its own funds or from contribution by [Government of the Union territory of Jammu and Kashmir], any public body or an individual ;
(iv) rubbish, sewage, filth, bones, village cleanings, dead bodies of animals and other matters collected by the Halqa Panchayat under this Act ;
(v) trees and grass growing on property belonging to the Halqa Panchayat, fruit and other produce thereof and windfalls thereon ;
(vi) drains, tanks, ponds, wells, springs, streams, khuls, ghats, nallahs and quarries in the Halqa Panchayat area which do not belong to any person or a group of persons or to the [Government of the Union territory of Jammu and Kashmir] and declared to be such property by a resolution of the Halqa Panchayat ;
(vii) all public lamps or lamp posts and apparatus connected therewith or appertaining thereto ;
(viii) any property which a Halqa Panchayat may acquire.
(2) The Halqa Panchayat shall have power to acquire, hold and dispose of the property and enter into any contract in accordance with the laws and rules in force.