Amendment status not verified — confirm the current text below against the official source.
(1) The State Government may at any time after commencement of this Act, constitute by notification, an Authority for any area or areas for development and promotion of industry (herein-after in this Act referred to as the Authority). Explanation- The State Government may set up one or more Authorities or one Authority for one or more areas in the State under this Act. Such an Authority will be known as “(name of the area) Industrial Area Development Authority” (2) The Authority shall be a body corporated by the name aforesaid having perpetual succession and a common seal with powers to acquire, hold and dispose of properties, both movable and immovable, and to contract and shall by the said name sued and be sued. (3) (I) Any such Authority shall consist of a Chairman, a Managing Director and five other Directors who shall be appointed by the State Government and who shall hold their office, on terms and conditions to be prescribed in this behalf, at the pleasure of the State Government. (II) The Chairman of the Authority shall be a Government servant not below the rank of a Commissioner or any other person who may be nominated by the Government. (III) The State Government may, if it is found to be expedient, appoint the same person as Chairman and Managing Director of the Authority. (4) The Managing Director shall be a whole– time officer and the Chief Executive of the Authority and shall perform, among others, the following duties under the general guidance of the Chairman: (a) he shall receive all the moneys on behalf of the Authority and issue receipt and maintain proper account for the same. (b) he shall draw money from the fund of the Authority for disbursement of salaries, allowances and meeting the expenses of the Authority; (c) he shall authenticate any order of the Authority; (d) he shall perform any order, duty that may be assigned to him by the Authority or the State Governemnt from time to time. 3