With respect to the disposal of property belonging to the Corporation the following provisions shall have effect, namely ;
(1) Every disposal of property belonging to the Corporation shall be made by the Municipal Commissioner on behalf of the Corporation.
(2) The Municipal Commissioner may, in his discretion, dispose of by sale, letting out on hire or otherwise, any movable property belonging to the Corporation not exceeding in value in each instance five hundred rupees or such higher amount as the Corporation may, with the approval of the State Government, from time to time determine, or grant a lease of any immovable property belonging to the 1Corporation including any right of fishing or of gathering and taking fruit, and the like, for any period not exceeding twelve months at a time:
Provided that the Municipal Commissioner shall report to the Executive Committee every lease of immovable property within fifteen days of the grant thereof unless it is a contract for a monthly tenancy or the annual rent thereof does not exceed three thousand rupees.
(3) The Municipal Commissioner may with the sanction of the Executive Committee dispose of by sale, letting out on hire or otherwise any movable property belonging to the Corporation, of which the value does not exceed five thousand rupees ; and may with the like sanction grant a lease of any immovable property belonging to the Corporation, including any such right as aforesaid, for any period exceeding one year or sell or grant a lease in perpetuity of any immovable property belonging to the Corporation the value or premium whereof does not exceed fifty thousand rupees or the annual rental whereof does not exceed three thousand rupees
. (4) The Municipal Commissioner may with the sanction of the Corporation lease, sell, let out on hire or otherwise convey any property, movable or immovable, belonging to the Corporation.
[(5) Except as provided in sub-sections (5-A) and (5-B), no immovable property belonging to the 2 Corporation shall be sold, leased or otherwise transferred for a sum less than the market value thereof except in the case of sale, lease or other transfer or land--
(a) to a statutory corporation,
(b) to a person displaced from any land (not being land held in occupied for purposes connected with agriculture, horticulture or animal husbandry which includes pisciculture and poultry farming) or building by reason of the compulsory acquisition thereof under this Adhiniyam and who does not own any land or building within the city, or
(c) for an educational culture or other charitable purpose (not including the practice or propagation of any religion and not involving discrimination in respect of the beneficiaries on the ground of religion, caste or place of birth) in a society registered under the Societies Registration Act, 1861:
Provided that except in the case of a sale, lease or other transfer of land with the previous approval of the State Government, the value of any concession so granted shall not exceed--
(i) in the case of lease, one-half of the anual rental value;
(ii) in the case of any other tranfer, one-half of the market value or ten thousand rupees whichever is less.
Explanation--If any question arises as to the value of a proposed concession or as to whether the purpose of a proposed transfer is an educational, cultural or other charitable purpose as aforesaid the decision of the State Government shall be final.
(5-A) A house built or a plot of land acquired by the Corporation from a loan granted by the Central Government or the State Government or any other authority be sold, leased or otherwise transferred by the Corporation in accordance with the terms and conditions of such loan.
(5-B) Subject to any general or special order of the State Government in that behalf, a house or a house-site belonging to the Corporation may be sold, leased or otherwise transferred either free of cost or on such concessional term as the Corporation thinks fit, in favour of any member of the armed forces of the Union in whose favour the prescribed authority under the Indian Soldiers (Litigation) Act, 1925 has issued a certificate that he has been disabled by enemy action or where the said prescribed authority has certified that he has died by enemy action, then in favour of such of his heirs as were dependant on him at the time of his death.]
(6) The sanction of the Executive Committee or of the 1Corporation under sub-section (3) or sub-section (4) may be given either generally or any class of cases or specially in any particular case.
(7) The aforesaid provisions of this section and the provisions of the rules shall apply to every disposal of property belonging to the 1Corporation made under or for any purposes of this Act.