(1)Notwithstanding anything contained in this Act or in any other law for the time being in force, the Board of Councilors may, with the prior approval of the State Government, enter into any business alone, or a Joint Venture, or Partnership Business with any individual or organization, on such terms and conditions as may be decided by the Board of Councilors and agreed to by the partner or' partners of such Joint Venture or Partnership Business after being approved by the State Government.
