(1) Subject to the provisions of sub-section (2) no lease, sale or other

transfer of any immovable property vesting in, or acquired by a panchayat shall be valid unless such lease, sale or other transfer has been made with the previous sanction of the competent authority.

1. (2) In the case of a lease of immovable property other than the property vesting in the panchayat under section 108, no such previous sanction shall be necessary, if the period of lease does not exceed three years.