1. Subject to the directions in the instrument of trust or any directions given under this Act or any other law by any court:
(a) no sale, exchange or gift of any immovable property or of movable property exceeding five thousand rupees in value, and br
(b) no lease, for a period exceeding five years in the case of agricultural land or for a period exceeding three years in the case of non-agricultural land or a building.
belonging to a public trust shall be valid without the previous sanction of the Assistant Commissioner.
2. An application for the sanction of the Assistant Commissioner, under subsection (1) shall be made in the prescribed manner and form.
3. Where, on the application duly made for sanction in respect of any transaction specified in sub-section(1), the Assistant Commissioner does not, within two months of the receipt thereof, pass final orders, it shall be presumed that he has accorded sanction in respect of that transaction, provided that the application described the transaction, with sufficient accuracy.
4. The Assistant Commissioner shall not refuse to accord sanction in respect of any transaction specified in sub-section (1) unless such transaction is, in this opinion, likely to be prejudicial to the interests of the public trust, and no order refusing to accord sanction shall be passed unless the working trustee of such public trust has had a reasonable opportunity of being heard.