The Corporation will have an initial capital of Rs 500 crore said the Union Minister for Minority Affairs, K Rahman Khan here at the sidelines of the meeting of State Wakf Boards.

The Government and public institutions will have 51% equity share in the Corporation and rest will be open to the private sector.

“The State Wakf Boards have lot of property which can he put to commercial use. This will increase the revenue of State Wakf Boards,” he said.

Khan also disclosed that a new law will be legislated to check the wilfull disposal of Wakf property. If any Wakf Board intend to sell any of its property, at least two-third of the members should agree to this proposal. Further, after passing a resolution by two-third majority, the Wakf has to take the approval of the State Government concerned and as well as the Central Government.

Property belonging to Masjids, Dargahas and graveyards cannot be disposed off. The new law will also define the leasing out of Wakf property.

Khan asked the State Wakf Boards to draw up master plans on the utility of the property held by them.

He came down heavily upon the State Wakf Boards as he noted that in many states surveys have not yet been conducted after a long time. He urged the Wakf Boards to ask their State Governments to appoint Survey Commissioners and cooperate with the commissioners to get the survey completed within three months.

He told the State Wakf Boards to set up their task forces also.

Khan said that he would write to the State Chief Ministers alleging tardy immplementation of the Wakf Act, 1995.

He regretted that many State Wakf Boards have not undertaken regular financial auditing, which is mandatory under the existing Act. He urged them to take up computerisation of records with sincerity.

He called for speedy disposal of cases pending before the tribunals.

Khan said that he would soon convene a meeting of State Survey Commissioners and Secretaries in-charge of Wakf affairs.