(1) Where a Gram Panchayat requires for carrying out any of the purposes of this Act land for Gram 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 Deputy Commissioner of the district for the acquisition of the land and the Deputy Commissioner may, if he is satisfied that the land is required for public purpose, 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 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 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.
Power to borrow money.
43. A Gram Panchayat, with the sanction of the prescribed authority may borrow money from any autonomous body in the State or, from the Central Government or, from the banks or, other financial institutions for furtherance of its objectives on the basis of such specific schemes as may be drawn up by the Gram Panchayat.
Gram Panchm'Jrt Fund.