(1) Any exchange, gift, sale or mortgage or lease of any immovable property belonging to or given or endowed for the purpose of any Notified Institution or a Declared Institution shall be null and void unless it is sanctioned by the State Government as being necessary or beneficial to the Institution and such sanction shall be made subject to such restrictions or conditions as may be prescribed :
Provided that before such sanction is accorded, particulars relating to the proposed transaction shall be published in such manner as may be prescribed, inviting objections and suggestions and all objections and suggestions received in that behalf shall be duly considered by the State Government.
(2) Where it is found subsequently that the permission under sub-section (1) has been obtained by fraud or misrepresentation the State Government shall be competent to cancel the permission so granted, after giving due opportunity of being heard to all the concerned.
(3) Every sale of immovable property sanctioned under sub-section (1) shall be effected by public auction in the prescribed manner and subject to confirmation by the Commissioner within a period to be prescribed :
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Provided that the State Government may in the interest of the Notified Institution or the Declared Institution and for reasons to be recorded in writing permit the sale of such immovable property otherwise than by public auction.
(4) Whenever any alienation, transfer or other act in respect of immovable property which is not valid under sub-section (1) comes to the knowledge of the Assistant Commissioner, he may after such inquiry as he deems necessary to make issue notice to the alienee or other person in possession to restore such land to the institution to which it belongs within three months from the date of service of notice and in default of compliance the Assistant Commissioner shall take steps to resume and restore such land or building to the institution in accordance with the provisions of the Karnataka Public Premises (Eviction of unauthorised Occupants) Act, 1974.
CHAPTER X APPEAL, REVISION AND EXECUTION OF ORDERS