Powers and functions of the Executive Committee.

(1) The executive committee shall have the following powers and functions, namely:- (a) to approve a concession agreement with respect to a transport facility project on the basis of the criteria formulated by the Board; and (b) to sanction funds to a Government agency or a concessionaire for construction of a transport facility and monitor or supervise such transport facility projects and expenditure incurred thereon. (2) Subject to such restrictions, conditions and limitations as may be imposed by the Board the executive committee shall also exercise all or any of the powers and functions of the Board under this Act. (3) The executive committee shall also exercise such powers and functions as may be specified by regulations.