Power to acquire, hold and dispose of properties

(1) A Panchayati Raj Institution shall have the power to acquire, hold and dispose of property and to enter into contracts : Provided that in all acquisition or disposal of immovable property the concerned Panchayati Raj Institution shall obtain the previous approval of the State Government. (2)All roads, buildings or other works constructed by a Panchayati Raj Institution with its own funds shall vest in it. (3)The State Government may allocate to a Panchayati Raj Institution any public situated within the jurisdiction of such Panchayati Raj Institution and thereupon such property shall vest in an under the control of such Panchayati Raj Institution. (4)Where a Panchayati Raj Institution requries land to carry out any of the purpose of this Act, It may negotiate with the person or persons having interest in the said land or it may make an application to the State Government or officer authorised in this behalf for the acquisition of the land, who may, if he is satisfied that the land is required for a public purpose, take steps to acquire the land under the provisions of the Land Acquisition Act, 1894 (Central Act No. 1 of 1894) and such land shall, on acquisition, vest in the concerned Panchayati Raj Institution.