Disposal of property;

(1) With respect to the disposal of property, movable and immovable, belonging to the Municipality, the provisions of sub-section (2) and sub- section (3) shall have effect, (2) The Municipality may, (a) Dispose of, by sale or otherwise, any movable property belonging to the Municipality; and (b) With the prior approval of the Government, sell, mortgage, gift or grant a lease of any immovable property belonging to the Municipality. Provided that no such prior approval of the Government shall be necessary in the case of a lease by public auction of any immovable property for a period of five years.

1. (3) The procedure for sale, mortgage or gift, the procedure for granting any lease and the terms and conditions of lease under this section, shall be such as may be prescribed.