Power of authority to make agreement

(1) The Authority shall be competent to make any agreement with any person in respect of any matter which is to be provided for in a Town Planning Scheme, subject to the power of the Government to modify or disallow such agreement and unless it is otherwise expressly provided therein, such agreement shall take effect on and after the day on which the Town Planning Scheme comes into force.

(2) Such agreement shall not in any way affect the duties of the Planning Officer as described under section 68 or the rights of third parties but it shall be binding on the parties to the agreement notwithstanding any decision that may be passed by the Planning Officer:

Provided that if the agreement is modified by the Government, either party shall have the option of avoiding it, if it so elects.