- With respect to the disposal of property vesting in the corporation for the purposes of the [Brihan Mumbai Electric Supply and Transport Undertaking] [These words were substituted by Maharashtra 25 of 1996, (w.e.f. 4.9.1996).] the following provision shall have effect, namely: -

(a) the General Manager may [* * *] [The words 'with the approval of the Member-in-Charge' were deleted by Maharashtra 27 of 1999, Section 175(a), (w.e.f. 23-4-1999).] dispose of by sale, hire, hire-purchase or otherwise, any movable property belonging to the corporation not exceeding in value, in each instance, [ten thousand rupees] [These words were substituted for the words 'two thousand rupees' by Maharashtra 17 of 2012, Section 8(1) (w.e.f. 4-8-2012).];

(b) the General Manager may grant a lease of any immovable property belonging to the corporation for any period not exceeding twelve months at a time:

(c) with the sanction of the [Brihan Mumbai Electric Supply and Transport Committee] [These words were substituted for the words 'Mayor-in-Council' by Maharashtra 27 of 1999, Section 175(c), (w.e.f. 23-4-1999).], the General Manager may dispose of, by sale or otherwise, any movable property belonging to the corporation of which the value does not exceed [five lakhs rupees] [These words were substituted for the words 'one lakh rupees' by Maharashtra 17 of 2012, Section 8(3)(i) (w.e.f. 4-8-2012).], and may grant a lease of any immovable property belonging to the corporation [for any continuous period] [These words were substituted for the words 'any period' by Maharashtra 17 of 2012, Section 8(3)(ii) (w.e.f. 4-8- 2012).] exceeding one year, or sell or grant a lease in perpetuity of any immovable property belonging to the corporation the value whereof does not exceed [five lakhs rupees] [These words were substituted for the words 'one lakh rupees' by Maharashtra 17 of 2012, Section 8(3)(i) (w.e.f. 4-8-2012).] or the annual rental whereof does not exceed [fifty thousand rupees] [These words were substituted for the words 'ten thousand rupees' by Maharashtra 17 of 2012, Section 8(3)(iii) (w.e.f. 4-8-2012).];

(d) with the sanction of the corporation, the General Manager may lease, sell or otherwise convey any property, movable or immovable, belonging to the corporation.