(1)All movable and immovable properties belonging to all existing jail canteens, to the Society for Development of Prisoners and Employees of Prison Department, or those bought out of the welfare fund of jails, or any other such property not bought out of budgetary allocations shall be taken over by the Board.
(2) The Board may acquire movable property by obtaining quotations or tenders or by getting the properties valued by a competent technical authority of the Government.
(3) The Board may acquire immovable properties either by agreement or by private negotiations or by moving the Government to acquire such property in accordance with the provisions of The Right to Fair Compensation and Transparency in Land Acquisition, 2013, or any law of acquisition for the time being in force in the State.
(4) Immovable properties other than lands, should be got estimated by the Public Works Department before they are sold, and then sold either by private negotiations or in public auction for a sum not less than the value fixed by Public Works Department. lf the immovable property is land, the market value shall be fixed by the Deputy Commissioner and then sold either by private negotiation or in public auction for a sum not less than the value fixed by the Deputy Commissioner subject to the approval of the Board.
(5) The Board may lease out its immovable properties at such rates not less than those fixed by Public Works Department or Punjab Police Housing Corporation in case of buildings and the Deputy Commissioner in case of lands.