General powers of the Board

The Board, shall have the following powers, for the purposes of carrying out its functions under this Act, namely:- (1) to acquire and hold such movable and immovable property as it deems necessary and to lease, sell or otherwise transfer any such property: Provided that in the case of immovable property, the aforesaid powers except the power to acquire shall be exercised only with the previous sanction of the Government; (2) Subject to the provisions of this Act and the rules made thereunder, to meet the expenditure and formulate and implement such schemes as it may consider necessary for the purpose of carrying out the provisions of this Act.