Meetings of Corporation

(1) The Corporation shall meet at such times and places, and shall subject to the provisions of sub-section (2) observe such rules of procedure in regard to the transaction of its business as may be provided by regulation made under this Act. (2) A director, who is directly or indirectly concerned or interested in any contract, loan, arrangement or proposal entered into or proposed to be entered into by or on behalf of the Corporation shall at the earliest, possible opportunity disclose the nature of his interest to the Corporation when any such contract, loan, arrangement or proposal is discussed. Any land required by the Corporation for carrying out any of its functions shall be deemed to be needed for a public purpose and may be acquired under the provisions of the Land Acquisition Act, 1894 or any other law for the time being in force. (1) Allotment of plots for purposes other than for Industrial Undertaking, and/or to the Government of India or Government of Goa or organizations managed and/or controlled by them and/or those allotments done as per the directions of the Government under section 16 of the Goa Industrial Development Act, 1965, from time to time, shall be done through auction process wherein plots would be allotted on lease basis to the highest bidder. (2) The base price for auction of the plot on lease basis shall be twice the rate per sq. mts. fixed by the Corporation in the respective Industrial Estate/Area from time to time. (i) Permissible transfer entailing Nil transfer fees:— (a) All transfers covered under Schedule IA and Schedule II; (b) All transfers wherein the original plot or land was allotted under the auction process of the Corporation. (ii) Permissible transfer entailing a non-refundable transfer fee.— (a) All cases listed under Schedule III. (b) All transfer within the same category and/or all transfers amongst the categories (1), (2), (3), (4) and (5) listed below in the ascending order:— (1) Industrial Undertaking; (2) Institutions; (3) Service Industry; (4) Utilities; (5) Commercial activity. (iii) Any case which does not fall under the category of prohibited or permissible transfers as per these regulations shall be placed before the Board for a decision and the decision of the Board with approval of the Government shall be final and binding. (iv) Processing fees prescribed under clause 21 would be applicable in the cases covered under clause 7 (i), (ii) & (iii) above.