Amendment of section 14Y.

3. In section 14Y of the principal Act, for the second proviso the following proviso shall be substituted:— "Provided further that such person having been permitted by the State Government to establish an industrial park or industrial hub or industrial estate or financial hub or logistic hub or a bio-tech park or a food park or township, shall utilize such land and lease out or transfer on freehold basis on payment of prescribed fees to the Land and Land Reforms and Refugee Relief and Rehabilitation Department the whole or any part of it with the previous permission of the appropriate Department of the State Government under intimation to the Land and Land Reforms and Refugee Relief and Rehabilitation Department, for the purpose for which he has been so permitted to acquire and hold such land to such a person who will set up an unit thereon as per objects of the respective projects as approved:".