Amendment status not verified — confirm the current text below against the official source.
Disposal of property. - With respect to the disposal of property belonging to the Corporation, the following provisions shall have effect, namely :- (a) The Commissioner may - (i) dispose of, by sale or otherwise, any movable property belonging to the Corporation the value of which does not exceed five thousand rupees; (ii) grant a lease (other than a lease in perpetuity) of any immovable prop- erty belonging to the Corporation ; or (iii) sell or grant a lease in perpetuity of any immovable property belong- ing to the Corporation the value of which does not exceed five thousand rupees or the annual rent of which does not exceed three thousand ru- pees; (b) in cases not covered by clause (a), the Commissioner may, with the sanc- tion of the Corporation, lease, sell, let out on hire or otherwise transfer any property movable or immovable belonging to the Corporation; (c) the consideration for which any immovable property may be sold, leased or otherwise transferred shall not be less than the value at which such immov- able property could be sold, leased or otherwise transferred in normal and fair competition ; (d) the sanction of the Corporation under the aforesaid clauses may be given either generally for any class of cases or specially for any particular case; (e) subject to any condition or limitation that may be specified by or under any 74 Punjab Municipal Corporation Act, 1976, Section 170 other provision of this Act, the foregoing provisions of this section shall apply to every disposal of property belonging to the Corporation made un- der, or for any purposes of this Act ; (f) every case of disposal of property under clause (a) shall be reported by the Commissioner without delay to the Corporation. Section 173