(1) The governing body of the National Authority shall—
(i) formulate broad policy framework for functioning of the National Authority and State Authorities as may be notified by the Central Government;
(ii) approve the annual report and audited accounts of the National Authority;
(iii) review reports on decision taken by executive committee and monitoring group of the National Authority including investment decisions;
(iv) approve the proposal for the schemes specified in sub-clause (iii) of clause
(b) of section 5;
(v) approve the proposals for creation of posts in the National Authority, subject to prior permission of the Central Government;
(vi) provide a mechanism to State Authorities to resolve issues of inter-State or Centre-State character;
(vii) formulate such procedures for delegation of financial and administrative powers to the National Authority and State Authorities as may be notified by the Central Government.
(2) The governing body of the National Authority shall meet at least once in six months.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 11
(3) The governing body and executive committee of the National Authority and the monitoring group of the National Authority shall meet at such places and shall observe such rules and procedures in regard to transaction of business at its meeting, including the quorum thereat, as may be prescribed.