Powers of the Authority.

(1) The Authority shall have power generally to do anything that in its opinion is necessary to do, to give effect to the intent and provisions of this Act: Provided that nothing contained in this section shall be deemed to authorize the Authority to perform any such act as is specifically laid in the Act to be performed by any other authority. (2) Without prejudice to the generally of sub-section (1), the Authority shall have power, - (a) to enter into and perform all such contracts as it may consider necessary or expedient for carrying out any of the purpose of this Act subject to such rules as may be prescribed and every contract shall be made on behalf of the Authority by the Commissioner: Provided that no contract involving expenditure of Rs. 5,00,000 and more shall be made without the previous sanction of the State Government. (b) to borrow any sum required for the purposes of this Act from time to time with the previous sanction of the State Government and subject to such conditions as may be prescribed in this behalf; and (c) to lease, sell or otherwise transfer any movable or immovable property which belongs to it and to appropriate or apply any land vested in or acquired by it, subject to section 37 and 38 and to such restrictions, conditions and limitations as may be prescribed, for the formation of open spaces or for building purpose or in any other manner for the purpose of a development scheme with prior approval of the State Government.