Section 159. Power to transfer property

(1) Subject to any restriction imposed by or under this Act a Board may by Special Resolution transfer by sale, mortgage, lease, gift, exchange or otherwise any property vested in it, not being property held by it in trust, the terms of which are inconsistent with, the right so to transfer. (2) Notwithstanding anything contained in sub-section (1), a Board may, with the sanction of the State Government, transfer to Government any property vested in it, but not so as to affect any trust or public rights to which the property is subject. (3) Every transfer under sub-section (1), other than a lease for a term not exceeding one year, shall be made by instrument in writing sealed with the common seal of the Board and otherwise complying with all the conditions in respect of contracts imposed by or under this Act.