With respect to the disposal of movable property belonging to Council the Chairperson may, in his discretion, dispose of by sale or otherwise, any movable property belonging to the Council not exceeding in value in each instance one thousand rupees, or such higher amount as the Council may prescribe, or let out on hire any movable property or grant a lease of any immovable property belonging to the Council including any right or gathering and taking fruits and the like, for a period not exceeding one year at a time.