Power of the Board to undertake housing or improvement schemes and incur expenditure

(1) Subject to the provisions of this Act, the Board may, from time to time, incur expenditure and undertake works for the framing and execution of such housing or improvement schemes as it may consider necessary. (2) The Government may, on such terms and conditions as may be agreed upon between the Government and the Board, transfer to the Board the execution of any housing or improvement scheme not provided for by this Act, and the Board shall thereupon undertake the execution of such scheme as if it had been provided for by this Act. (3) The Board may, on such terms and conditions as may be agreed upon, between the Board and the local authority or planning authority as the case may be, take over for execution any housing or improvement scheme undertaken by a local authority or planning authority and the Board shall execute such scheme as if it had been provided for by this Act.