Provisions governing the disposal of municipal property or property vesting in or under the management of Corporation.-

(1) No streets, land, public places, drains or irrigation channels shall be sold, leased or otherwise alienated, save in accordance with such rules as may be made in this behalf.- (2) Subject to the provisions of sub-section (1)- (a) the Commissioner may, in his discretion, grant a lease of any immovable property belonging to the Corporation, including any right of fishing or of gathering and taking fruits, flowers and then like, of which the premium or rent, or both, as the case may be, does not exceed two hundred and fifty rupees for any period not exceeding twelve months at a time: Provided that every such lease granted b y the Commissioner, other than the lease of the class in respect of which the Mayor-in-Council has by resolution exempted the Commissioner from compliance with the requirements of this proviso, shall be reported by him to the Mayor-inCouncil within fifteen days after the same has been granted. (b) with the sanction of the Mayor-in-Council, the Commissioner may, by sale or otherwise grant a lease of immovable property including any such right as aforesaid for any period not exceeding three years at a time of which the premium , or rent, or both, as the case may be, for any one year does not exceed one thousand five hundred rupees; (c) with the sanction of the Corporation the Commissioner may lease, sell or otherwise convey any immovable property belonging to the Corporation. (3) The Commissioner may- (a) in his discretion dispose of by sale, letting out on hire or otherwise any movable property belonging to the Corporation not exceeding five hundred rupees in value; (b) with the sanction of Mayor-in-Council dispose of by sale, letting out on hire, or otherwise any immovable property belonging to the Corporation not exceeding five thousand rupees in value; (c) with the sanction of the Corporation, sell, out on hire or otherwise convey any movable property belonging to the Corporation. (4) The sanction of Mayor-in-Council or of the Corporation under sub-section (2) or sub-section (3) may be given either generally for any class of cases or specially in any particular case. (5) The foregoing provisions of this section shall apply to every disposal of property belonging to the Corporation made under, or for the purposes of this Act: Provided that(i) no property vesting in the Corporation in trust shall be leased, sold or otherwise conveyed in a manner that is likely to prejudicially effect the purpose of the trust subject to which such property is held; (ii) no land value of which may be prescribed shall be sold or otherwise conveyed without the previous sanction of the State Government and every sale or other conveyance of property vesting in the Council shall be deemed to be subject to the conditions and limitations imposed by this Act or by any other enactment for then time being in force.