(1)The Board may retain, or may let on hire, lease, sell, exchange or otherwise dispose of, any land vested in or acquired by them under this Act.(2)Whenever the Board decide to lease or sell any land acquired by them under this Act from any person, they shall give notice by advertisement in local newspapers.(3)[ Notwithstanding anything contained in sub-section (2) or in any other provision of this Act when [the State Government or a Government undertaking or] [Sub-sections (3) and (4) inserted by W.B. Act 43 of 1983.] the Calcutta Metropolitan Development Authority constituted under the Calcutta Metropolitan Development Authority Act, 1972 (hereinafter referred to as the Authority) or the West Bengal Housing Board constituted under the West Bengal Housing Board Act, 1972 (hereinafter referred to as the Housing Board), requires any land vested in or acquired by the Board under this Act, for carrying out any of the purposes of the Act under which the Authority or the Housing Board, as the case may be, was constituted, the Authority or the Housing Board, as the case may be, may ask the Board to let on hire, lease, sell, exchange or otherwise dispose of such land to itself and the Board shall comply with such demand and forthwith transfer possession of such land in favour of the Authority or the Housing Board, as the case may be.](4)[ amount 0f consideration at which any land shall be let on hire, leased, sold, exchanged or otherwise disposed of under sub-section (3) shall be such as may be agreed between the Authority or the Housing Board, as the case may be, and the Board, and if they fail to reach an agreement, the parties or any of them shall refer the matter to the State Government and the decision of the State Government thereon shall be final.] [Sub-sections (3) and (4) inserted by W.B. Act 43 of 1983.]
