(1) The nature of a concession agreement shall be such as specified in the Schedule.
(2) The State Government may, by notification in the Official Gazette, amend the Schedule by inserting therein, or by omitting therefrom, any entry or any part thereof and on the publication of the notification such entry or part shall be deemed to be specified in, or as the case may be, omitted from, the Schedule.
(3) Any concession conferred under the concession agreement shall be for a period not exceeding thirty years after which all rights and interests of the concessionaire shall stand transferred to the Regional Development Authority:
Provided that if the Regional Development Authority is satisfied with the performance of the concessionaire, the concession agreement may be extended by the Regional Development Authority for a period not exceeding fifteen years on such terms and conditions as may be laid down in the regulations.
(4) Every notification issued under this section shall be laid, as soon as may be after it is issued, before the House of the State Legislature