(1) Subject to the provisions of sub-rule (3) and such conditions as may, from time to time, be laid down by the Corporation, the Director General may, for the purposes of the Code, acquire on behalf of the Corporation movable or immovable property:

Provided that sanction of the Standing Committee of the Corporation shall be required for the exchange of any immovable property, for the taking of any property on lease for a term exceeding thirty six months, or for the acceptance of any gift or bequest of property burdened with an obligation.

(2) Subject to the provisions of sub-rule (3) and such conditions as may be laid down by the Corporation from time to time, the Director General may —

(a) dispose of, by sale or exchange, any movable property belonging to the Corporation, the value of which does not exceed rupees one crore in each case, or grant for any term not exceeding twelve months a lease of any immovable property belonging to the Corporation;

(b) with the sanction of the Standing Committee of the Corporation, lease, sell or otherwise dispose of any movable or immovable property belonging to the Corporation.

(3)

(a) The Corporation may enter into and perform all such contracts as it may consider necessary or expedient for carrying into effect the provisions of the Code.

(b) Every contract made under or for any purpose of the Code shall be made on behalf of the Corporation-

(i) by the Director General; or

(ii) subject to such conditions as it may specify, by such member or officer of the Corporation as it may authorise:

Provided that the sanction of the Standing Committee of the Corporation shall be obtained in respect of any contract involving an expenditure exceeding rupees twenty-five crore.

(c) Every contract entered into by any person as provided in clause (b) shall be entered into in such manner and form as would bind him if it were made on his own behalf and may in like manner and form be varied or discharged:

Provided that the common or official seal, as the case may be, of the Corporation shall be affixed to every contract for amounts exceeding rupees five lakh.

(4)

(a) The Corporation may, in pursuance of a resolution passed at a meeting of the Standing Committee thereof, and with the prior approval of the Central Government, raise loans for the purposes of the Code.

(b) In particular and without prejudice to the generality of the foregoing power, the Corporation may raise loans —

(i) for the acquisition of land or the raising of buildings thereon or both, as the case may be; or

(ii) to repay a loan raised under this sub-rule; or

(iii) for any other purpose approved by the Central Government.

(c) All loans under this sub-rule shall be obtained —

(i) from the Central Government on such rates of interest and such terms as to the time and method of repayment as the Central Government may specify; or

(ii) with the approval of the Central Government from such bank or banks specified in rule 30.

(d) Where a loan is obtained from such bank or banks specified in rule 31, the Corporation may, with the approval of the Central Government, grant mortgages of all or any of the property vested in it for securing the repayment of the sums so advanced, with interest.

(e) All payments due from the Corporation for interest on, and repayment of, loans shall be made in such manner and at such times as may have been agreed upon: Provided that the Corporation may apply any sums, which can be so applied, in repayment of any amount due in respect of the principal amount of any loan although the repayment of the same may not be due.

(f) No expenditure incurred out of a loan shall be charged by the Corporation to capital, except with the previous sanction of the Central Government.

(g) The Corporation shall submit to the Central Government an annual statement by the thirtieth of April each year showing the loans raised and repayments made during the preceding year.