Amendment status not verified — confirm the current text below against the official source.
Disposal of property by the City Corporation.- (1)Subject to the provisions of this Act, the Commissioner of a City Corporation 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: Provided that any sale of an immovable property other than to the Government or Government owned entity, shall be through a public auction, the procedure of which shall be prescribed. Provided further that the procedure of sale or transfer of immovable property of the Corporation to the Government or Government owned entities shall be as may be prescribed. (2) The Commissioner may lease such immovable property of the City Corporation for a term not exceeding five (5) years with the previous sanction of the Council. (3) The Commissioner may lease such immovable property of the City Corporation for a term beyond five (5) years or such property exceeding 5000 Sq.ft for any period only with the previous sanction of the Government through Greater Bengaluru Authority. (4) The City 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 this Chapter.