(1) The Board of Trustees of the erstwhile trust and every other person in possession of,-
(a) any movable or immovable property of the erstwhile Trust; or
(b) the valuable articles, and the money including the money in the form of deposits in bank or in credit society or with any person or investment in shares, belonging to the erstwhile Trust, shall handover possession thereof, or transfer or cause to be transferred, forthwith, or within such longer period not exceeding thirty days, as may be allowed by the Management Committee, along with full inventory thereof, to the Executive Officer on behalf of the Management Committee.
(2) Where any property is handedover or transferred under sub-section (1), the Executive Officer shall, after due verification with the inventory, pass a proper receipt in writing for the same to the transferor and thereupon, the Executive Officer shall be responsible for the safe custody of such property thereafter.
(3) On so handingover or transferring any such property of the erstwhile Trust to the Executive Officer and obtaining a receipt thereof under sub-section (2), the transferor shall stand released and discharged from all claims and demands or liability in respect of that property.
(4) Immovable property held by the Devasthan Trust shall not be sold without public auction and without prior permission of the Government in Law and Judiciary Department and while granting ermission, the Government shall ensure that the offset price of such immovable property shall not be less than the market value of such property as per the rates fixed under the Annual Statement of rates fixed under the Maharashtra (Determination of market value) Rules, 1995 or any other law for the time being in force:
Provided that, the person who has vested interest in the immovable property at the time of public auction shall have the first right to purchase the said immovable property at the highest bid price accepted at such auction.
(5) No instrument alienating the immovable property of the Trust without following the procedure mentioned in this section shall be valid.