Section 48: Restriction on power to grant lease of the properties of trust or endowment.

(1) A lease for any period exceeding three years of any immovable property which is property of trust or endowment shall, notwithstanding anything contained in the deed or instrument of trust or endowment or in any other law for the time being in force, be void and of no effect. (2) A lease for a period exceeding one year and not exceeding three years of any immovable property which is the property of trust or endowment shall, notwithstanding anything contained in the deed or instrument of trust or endowment or in any other law for the time being in force, be void and of no effect unless it is made with the previous sanction of the Board. (3) The Board shall, in granting sanction for lease or sub-lease or renewal thereof under this section, review the terms and conditions on which the lease or sub-lease is proposed to be granted or renewed and make its approval subject to the revision of such terms and conditions in such manner as it may direct. (4) Every trust and endowment shall inform the Board about the lease of its property and obtain permission to continue the lease and for grant of sanction for lease or renewal thereof, subject to provision of this section.