Section 47. Restrictions on purchase of property on behalf of trust or endowment.

Notwithstanding anything contained in a trust and endowment deed, no immovable property shall be purchased for or on behalf of any trust or endowment from the funds of any trust or endowment except with the prior sanction of the Board, and the Board shall not accord such sanction unless it considered that the acquisition of such property is necessary or beneficial to the trust or endowment and that the price proposed to be paid therefor is adequate and reasonable: Provided that before such sanction is accorded, the particulars relating to the proposed transaction shall be published in the Tamil Nadu Government Gazette inviting objections and suggestions with respect thereto and the Board shall, after considering the objections and suggestions that may be received by it from the trustee or administrator or any other person interested in the trust and endowment make such orders as it may deem fit.