Transfer of property vesting in Municipality.

(1) A Municipality may, subject to rules made in this behalf by the Administrator, transfer by sale, mortgage, lease, gift, exchange or otherwise any property vested in it not being property held by it on any trust the terms of which are inconsistent with the right so to transfer. (2) Notwithstanding anything contained in sub-section (1) a Municipality may, with the sanction of the Administrator, transfer to Government any property vesting in the Municipality under section 74 or section 75 but not so as to affect any trust or public rights subjects to which the property is held.