Any property belonging to the Municipality may be disposed of in the Disposal of property.

manner hereinafter provided, namely:-

1. (a) the Empowered Standing Committee may sell, or grant lease or, otherwise dispose of, by public auction, any movable property, and may grant lease of, or let out on hire, any immovable property, belonging to the Municipality,
2. (b) the Municipality may, with the poor approval of the State Government, for valuable consideration, seller otherwise transfer, any immovable property belonging to the Municipality which is not required for carrying out the purposes of this Act, and
3. (c) the Municipality shall not transfer any immovable property vested in it by virtue of this Act, but shall cause the same to be maintained, controlled and regulated in accordance with the provisions of this Act and the rules and the regulations made thereunder: Provided that the State Government may authorize, in the public interest, the disposal of such immovable property buy the Municipality, if the Municipality so requires. for reasons to be recorded in writing. Explanation.- " valuable consideration’ shall, in relation to any immovable property, mean anything of considerable value in terms of money or property given in lieu of transfer by way of sale or otherwise, of such immovable property. 107. (1) The Empowered Standing Committee shall maintain a register and a Inventory of map of all the immovable properties of which the Municipality is the owner or properties of which vest in it, or which the Municipality holds in trust with the Government, Municipality. and a register of all movable properties belonging to the Municipality.

1. (2) The Empowered Standing Committee shall. in the case of the inventory of an immovable property, prepare an annual statement indicating the changes, if any, in the said inventory and shall place the same before the Municipality along with the budget estimate. Chapter - XIV Borrowings