Disposal of property and interest therein

(1) Subject to the provisions of section 182, the Commissioner may dispose of by sale or exchange of any corporation movable property

1[xxx] or grant for any term not exceeding

2[two years]

¹ Omitted by Act 32 of 2003 w.e.f. 16.6.2003.

² Substituted by Act 32 of 2003 w.e.f. 16.6.2003.

a lease of any corporation immovable property or a lease or concession of any right of fishing or grazing or of gathering and taking fruit and the like: Provided that such lease or concession shall be subject to the condition that the grantee shall not erect any permanent structure on the demised premises: Provided further that every such disposal, lease or concession made or granted by the Commissioner shall be reported to the standing committee within fifteen days.

1. (2) With the sanction of the standing committee the Commissioner may dispose of by sale or exchange any corporation movable property 1[xxx] or grant for any term not exceeding three years a lease of any corporation immovable property or a lease or concession of any such right as aforesaid.
2. (3) With the sanction of the corporation the Commissioner may lease, sell or otherwise dispose of any corporation movable property.
3. (4) The sanction of the standing committee under sub-section (2) or that of the corporation under sub-section (3) may be given either generally or for any class of cases or specially for any particular case.
4. (5) The Commissioner may lend or let out on hire any corporation movable property on such conditions and for such periods as may be specified in the regulations.
5. (6) Notwithstanding anything contained in this Act,-
   • (a) no movable property exceeding such sum in value as may be prescribed shall be sold otherwise than by public auction;
   • (b) (i) no property whether movable or immovable of whatever value shall be transferred free of cost or for an upset price;
     • (ii) no lease of any immovable property exceeding five years shall be granted 1[except with the previous sanction of the Government] ;
     • (iii) no immovable property shall be disposed of by sale or by other transfer, except with the previous sanction of the Government.

¹ Omitted by Act 32 of 2003 w.e.f. 16.6.2003.

¹ Inserted by Act 64 of 2025 w.e.f. 12.09.2025.