(1) The authority may with the previous approval of the State Government, make regulations not inconsistent with the provisions of this Act and the rules made there under,
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:-
(a) Summoning and holding of meetings of the Authority, the time and place where such meetings are to be held, the conduct of business at such meetings, and the number of persons necessary to form a quorum thereat;
(b) The powers and duties of the employees of the Authority;
(c) The management of the property of the Authority:
(d) The execution of contracts and assurances of the property on behalf of the Authority:
(e) The limit up to which the Chairman, the member, Secretary or any other officer of the Authority shall be competent to incur recurring and nonrecurring expenditure in any financial year;
(f) The maintenance of accounts and the preparation of balance sheet by the Authority:
(g) The procedure for carrying out the functions of the Authority under this Act including the preparation of the plan;
(h) The delegation of powers of the Authority to the Chairman or to any other officer of the Authority.
(i) Any other matter for which provision is required to be made by regulations
(3) Until any regulations are made by the Authority, any regulation which may be so made by it, may be made by the State Government and any regulation so made may be altered or rescinded by the Authority in exercise of its powers under sub section ( 1 ) .