Amendment status not verified — confirm the current text below against the official source.
[1] The object of the Authority shall be to secure the planned development of the industrial development areas. [2] Without prejudice to the generality of the objects of the Authority, the Authority shall perform the following functions : [a] to acquire land in the industrial development area, by agreement or through proceedings under the Land Acquisition Act, 1894 for the purpose of this Act ; [b] to prepare a plan for the development of the industrial development area ; [c] to demarcate and develop sites for industrial, commercial and residential purposes according to the plan ; [d] to provide infra-structure for industrial, commercial and residential purposes ; 1 [ [e] to provide amenities and municipal services ; ] 1 [ [f] to allocate and transfer either by way of sale or lease or otherwise plots of land for industrial commercial or residential purposes and such other land uses as per master plan ; ] 1 [ [g] to regulate the erection of buildings and setting up of industries and land uses as per master plan ; and ] 1 [ [h] to lay down the purpose for which a particular site or plot of land shall be used, namely for industrial or commercial or residential purpose or any other specified purpose in such area as per Master Plan. ] 1 2 [ [3] For carrying out or achieving the planned development within the industrial development area, the Authority may incorporate a company or more than one company owned by the Authority either wholly or partly by the State Government and partly by the Central Government, under the provisions of the Companies Act, 2013. 2 [4] The share capital, the Memorandum of Association and the Articles of Association of the company referred to in sub-section [3] shall be such as may be approved by the Authority from time to time : Provided that, in cases where the share capital is partly held by the State Government, the share capital, the Memorandum of the Association and the Articles of Association under this sub-section shall be approved by the State Government. [5] The company formed under sub-section [3] shall carry out such functions as may be entrusted to it by the Memorandum of Association. [6] Where in the opinion of the Authority, as a consequence of any development scheme having been executed by the Authority in the special investment region or the industrial development area, the value of any property in that area which has been benefited by the development, has increased or is likely to increase, the Authority shall be entitled to levy upon the owner of the property or any person having an interest therein a betterment charge in respect of the increase in value of the property resulting from the execution of the development : Provided that, no betterment charge shall be levied in respect of land owned by the Government : Provided further that, where any land belonging to the Government has been granted by way of lease or license by the Government to a person, whether any building situate thereon or not, shall be subject to a betterment charge under this sub-section. ] 1