Amendment status not verified — confirm the current text below against the official source.
Disposal of property by the corporation.-(1)Subject to the provisions of this Act, the Chief Commissioner may dispose of by sale any immovable property of the corporation with prior approval of the Government or enter into such lease for the utilization of any right over such produce or benefit emerging from such immovable property. (2) The Chief Commissioner may dispose of by sale any immovable property of the corporation with prior sanction of the Government. (3) Any sale of immovable property by the Chief Commissioner shall be by way of public auction, the procedure of which shall be prescribed. (4) The Chief Commissioner may lease such immovable properties of the corporation for a term not exceeding five years with the previous sanction of the concerned standing committee. (5) The Chief Commissioner may lease such immovable properties of the corporation for a term between five and fifteen years with the previous sanction of the Council. (6) If the term of any lease sought to be entered by the corporation is above fifteen years, the Chief Commissioner may enter into such lease agreement with the prior approval of the Government. (7) No sale or lease shall be undertaken by the corporation without seeking the view of the concerned zonal committee. 63 (8) The corporation shall specify such conditions for sale and lease, which shall be the basis for any approval that may be accorded by the standing committee or the mayor under the section.