General powers of the Board

The Board shall for the purpose of carrying out its functions under this Act have the following powers, namely:– (a) to acquire and hold such movable and immovable property as it deems necessary and to lease, sell or otherwise transfer any such property : Provideed that any lease, sale or other transfer to any person or authority of any immovable property belonging to the Board shall be null and void unless it is sanctioned by the Government ; (b) to incur expenditure and undertake any work in any area in the Union territory of Jammu and Kashmir for the framing and creation of such schemes as it may consider necessary for the purpose of carrying out the provisions of this Act or as may be entrusted to it by the Government.