534. (1) If within the period fixed by an order issued under section 533, any action directed under that section has not been duly taken, the State Government may by order -
(a) appoint some person to take the action so directed ;
(b) fix the remuneration to be paid to him ; and
(c) direct that such remuneration and the cost of taking such action shall be defrayed out of the [Corporation] fund, and, if necessary, that any one or more of the taxes authorized under Chapter IX shall be levied or increased, but not so as to exceed any maximum prescribed by that Chapter.
(2) For the purpose of taking the action directed as aforesaid the person appointed under sub-section (1) shall have power to make such contracts as are necessary and may exercise any of the powers conferred on any [Corporation] authority by or under this Act and specified in this behalf in the order issued under sub-section (1), and shall be entitled to protection under this Act as if he were a [Corporation] authority.
(3) The State Government may, in addition to or instead of, directing the levy or increase of any of the said taxes, direct by notification that any sum of money which may in their opinion be required for giving effect to their orders be borrowed by debenture on the security of all or any of the said taxes at such rate or interest and upon such terms as to the time of repayment and otherwise as may be specified in the notification.
(4) The provisions of sections 156 to 170 shall, as far as may be, apply to any loan raised in pursuance of this section.