(1) Every institution shall send on or before the First January of each year to the competent authority, the statement in triplicate in form-1 of details of desks, benches, tables and of movable properties the value of which individually, is Rs. 5000 or more and of all immovable properties. In respect of immovable properties the statement shall contain the following particulars and shall be authenticated by the Educational Agency,- a) Name of Property b) Description, address and location c) Area / extent together with survey number d) In case of cultivable land, its classification, and the crops grow e) Market value f) Annual income derived from the property g) Remarks, if any
Explanation.- A certificate from an officer of the Revenue Department not lower in rank than that of a Tahsildar shall be obtained in respect of (e) and (f) above at the time of the first submission of the statement. When there is any change in the movable or immovabled properties such change should be indicated in the statement.
(2) The movable and immovable properties referred to in sub-rule (1) shall be the movable and immovable properties for the purpose of section 107.