General Powers of Board.

1[The Board] shall, for the purposes of carrying out 2[its duties duties and functions] under this Act, have the following powers, namely :-

1. (i) to acquire and hold such moveable and immoveable property as it deems necessary and to lease, sell or otherwise transfer any such property: Provided that, in the case of immoveable property 3[in relation to which monies of the State Government are involved or the value of the property exceeds Rs. 25,000,]the aforesaid powers shall be exercised with the previous sanction of the State Government;
2. (ii) to incur expenditure and undertake works in any area within its jurisdiction for carrying out the provisions of this Act for the framing and execution of such schemes as may be entrusted to it by State Government, subject to the provisions of this Act and the rules made thereunder.