Disposal of land by the Cvrporation

(1) Subject to any directions given by the State Government the Corporation may dispose of— (a) any land acquired by the State Government and transferred to it, without undertaking or carrying out any development thereon; or (b) any such land after undertaking or carrying out such development as it thinks fit, to such person in such manner and subject to such terms and conditions, as it considers expedient for securing the purposes of this Act. (2) The powers of the Corporation with respect to the disposal of land under sub-section (1) shall be so exercised, as to secure, so far as practicable, that— (a) where the Corporation proposes to dispose of by sale any such land which is surplus to its requirement, the Corporation shall offer the land in the first instance to the persons from whom it was acquired, if they desired to purchase it, subject to such requirements as to its development and use as the Corporation may think fit to impose; (b) persons who are residing or carrying on business or other activities on any such land shall, if they desire to obtain accommodation on land belonging to the Corporation and are willing to comply with any requirements of the Corporation as to its development and use have an opportunity to obtain there on accommodation suitable to their reasonable requirements on terms settled with due regard to the price at which any such land has been acquired from them. (3) Nothing in this Act shall be construed as enabling the Corporation to dispose of land by way of gift, but subject as aforesaid, reference in this Act, to the disposal of land, shall be construed as reference to the disposal thereof in any manner whether by way of sale, mortgage, exchange or lease or by the creation of any easement, right or privilege or otherwise.