(3)the municipality shall not transfer any immovable property vested in it by virtue of section 126, but shall cause the same to be maintained, controlled and regulated in accordance with the provisions of this Act and the rules and the regulations made thereunder:Provided that the State Government may authorize, in the public interest, the disposal of such immovable property by the municipality, if the municipality so requires, for reasons to be recorded in writing.Explanation - "valuable consideration" shall, in relation to any immovable property, means anything of considerable value in terms of money or property given in lieu of transfer, by way of sale or otherwise, of such immovable property.
