Section 56. Power to acquire and dispose of land by agreement.

Subject to such conditions and restrictions as may be prescribed, the Board may- (1) by agreement with any person, purchase, lease or exchange any land of any interest therein required by it for any of the purposes of this Act; or (2) retain or sell, exchange, lease or otherwise dispose of any land vested in or acquired by it: Provided that in transferring by sale, exchange, lease or otherwise, any land acquired for any scheme under this Act, preference to such extent and in such manner as may be prescribed shall be given to the persons whose land was acquired for such scheme.