Amendment status not verified — confirm the current text below against the official source.
With respect to the disposal of property belonging to the Corporation the following provision shall have effect, namely:— (a) The Commissioner, may', in the interest of Corporation dispose of by sale, letting out on hire or otherwise, any movable property belonging to the Corporation not exceeding one thousand rupees in value in each instance or grant a lease of any immovable property belonging to the Corporation including any right of fishing o r gathering and taking fruit, and the like, for any period not exceeding twelve months at a t ime. 83 The Commissioner shall bring all such transac tions to the notice of the Standing Committee within 15 days of their execution. (b) With the sanction of the Standing Committee the Commissioner may dispose of by sale, letting out on hire or otherwise any movable property belonging to ihe Cor poration of which the value does net 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 three thousand rupees. (c) With the sanction of the Corporation the Com missioner may lease, sell, let out on hire or otherwise convey any property, movable or immovable, belonging to the Corpora tion. (d) The consideration for which any immovable property or any right belonging to the Corporation may be sold, leased or other wise transferred shall not be less than the current market value thereof. (e) The sanction of the Standing Committee or of the Corporation under clause (b) or clause (c) may be given either generally for any class of cases or specially in any particular case. (f) The provisions of this section and the rules made under this Act shall apply to such disposal of prop erty belonging to the Corporation : Provided that— (a) no property vesting in the Corporation for the purpose of any specific trust shall be leased, sold or otherwise conveyed in such a mannei that the purpose for which it is held will be prejudicially affected j and 84 (b) no property transferred to the Corporation by the Government shall be leased, sold or otherwise conveyed in any manner contrary to the terms of the transfer, except with the prior sanction of the Government. on