(1) Where land is needed for the purpose of a housing scheme the Board may enter into an agreement with any person for the acquistion by purchase, lease or exchange, of his rights and interests in such land either wholly or in part only, on payment of compensation proportionate to the loss or deprivation caused to the enjoyment of the land.
(2) The Board may also take steps for the compulsory acquistion of any land or any interest therein required for the execution of a housing scheme in the manner provided in the Land Acquisition Act, and the acquisition of any land or any interest therein for the purposes of this Act shall be deemed to be acquisition for a public purpose within the meaning of the Land Acquisition Act.
CHAPTER V Finance, accounts and audit