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Section 35 -Air Corporations Act, 1953

Air Corporations Act, 1953

 

 

35. Prior approval of Central Government necessary in certain cases.—

 

Neither Corporation shall, without the previous approval of the Central Government—

 

(a) undertake any capital expenditure for the purchase or acquisition of any immovable property or aircraft or any other thing at a cost exceeding 1[such amount as the Central Government may, from time to time, by order, fix in the behalf];

 

(b) enter into a lease of any immovable property for a period exceeding 2[ten years]; or

 

(c) in any manner dispose of any property, right or privilege having an original or book value exceeding 1[such amount as the Central Government may, from time to time, by order, fix in this behalf].

 

—————

1. Subs. by Act 24 of 1982, sec. 2 (w.e.f. 21-5-1982).

 

2. Subs. by Act 49 of 1971, sec. 8 (w.e.f. 1-2-1972).

 

 

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Air Corporations Act, 1953

 

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