(1) The Board shall consist of five members to be constituappointed by the State Government in such manner and for tion and such term as may be prescribed. functions
(2) The State Government may, from time to time, of the Board.
transfer to the Board all or any of its rights, title or interests in any play ground or sports stadium belonging to, or in the possession of or under the control of the State Government.
The Board may also open any new play ground or erect any new sports stadium with the approval of the State Government.
(3) The Board shall hold every right, title or interest in any play ground or sports stadium which has been transferred to it or any play ground or sports stadium which has been opened or erected by it as aforementioned, as well as all other property, movable or immovable, given, bequeathed or otherwise transferred to it, or acquired by it, in trust for the purposes of this Act consistently with such rules as may be prescribed. Such rules may in particular provide for the management and control of any play ground and sports stadium held by the Board.
(4) The Board may, from time to time, with the previous approval of the State Government, raise loans of such amounts and in such manner as may be prescribed. The repayment of such loans shall be guaranteed by the State Government.