Amendment status not verified — confirm the current text below against the official source.
withdraw a development area from operation of this Act. Appointment of local au- thority as de- velopment authority. ' Functions and powers of develop- ment author- ity. (12) The Authority shall meet at such times and places and shall observe such rules of procedure in regard to the transaction of its business at its meetings (including quorum at meetings) as may be prescribed. (1) The Government may, if it is of opinion that it is necessary so todo in the public interest, by notification, withdraw from the operation of the relevant provisions of this Act, the whole or a part of any development area declared thereunder. (2) When a notification is issued under sub-section (1) in respect of any development area or part thereof- (a) the relevant provisions of this Act and all rules, regulations, bye-laws, notifications, orders, directions and powers made, issued orconferred thereunder shall, cease to apply to tile said area or part and the Authority, if any, constituted, under this Act shall cease to have jurisdiction in respect of the said area or part, as the case may be, but where any Authority has been constituted exclusively for such area or part. such Authority shall, on the date of the notification, stand dissolved; . (b) the Government shall, in consultation with the Board, and the local authority or authorities concerned, frame a Scheme determining the portion of the balance of the fund of the Authority concerned which shall vest in the Government and in the local authority or authorities concerned, and the manner in which the properties and liabilities of the Authority shall be apportioned between the Government and such local authority or authorities, and on the Scheme being notified in the Official Gazette, the fund, property and liabilities of the Authority shall vest and be apportioned accordingly.