(1)Where a Gram Panchayat requires land for carrying out any of the purposes of this Act, it may negotiate with person or persons having interest in the said land and if it fails to reach an agreement, it may make an application in the manner prescribed to the Collector of the District for the acquisition of the land and the Collector may, if he is satisfied that the land is required for public purposes, take steps to acquire the land under any law for the time being in force for acquisition of land and such land shall, on acquisition, vest in the Gram Panchayat.(2)Subject to such conditions as may be imposed and any special reservation as may be made by the State Government , the management of all public property, markets, fairs and ferries or such portion thereof as are held upon public land and as are maintained by the State Government within the local limits of a Gram may be entrusted to the Gram Panchayat concerned and thereupon such public property, markets, fairs and ferries shall be managed and regulated by the Gram Panchayat concerned, which shall receive, to the credit of the Gram Panchayat Fund, all dues levied or imposed by it in respect thereof.
