(4)A person referred to in sub-section (1) [or State Government] [Inserted by Act 31 of 2010 w.e.f. 27.07.2010.] shall have powers to regulate and control the traffic in accordance with the provisions contained in Chapter VIII of the Motor Vehicles Act, 1988 (Central Act 59 of 1988) on the highway forming subject matter of such agreement, for proper management thereof.