(1) The Central Government may, by notified order establish for any scheduled industry or group of scheduled industries, a body of persons to be called a Development Council which shall consist of members who in the opinion of the Central Government are--
         (a) persons capable of representing the interests of owners of industrial undertakings in the scheduled industry or group of scheduled industries;
         (b) persons having special knowledge of matters relating to the technical or other aspects of the scheduled industry or group of scheduled industries;
         (c) persons capable of representing the interests of persons employed in industrial undertakings in the scheduled industry or group of scheduled industries;
         (d) persons not belonging to any of the aforesaid categories, who are capable of representing the interests of consumers of goods manufactured or produced by the scheduled industry or group of scheduled industries.
     (2) The number and the term of office of, and the procedure to be followed in the discharge of their functions by, and the manner of filling casual vacancies among members of a Development Council shall be such as may be prescribed.
     (3) Every Development Council shall be, by virtue of this Act, a body corporate by such name as may be specified in the notified order establishing it and may hold and transfer property and shall by the said name sue and be sued.
     (4) A Development Council shall perform such functions of a kind specified in the Second Schedule as may be assigned to it by the Central Government and for whose exercise by the Development Council it appears to the Central Government expedient to provide in order to increase the efficiency or productivity in the scheduled industry or group of scheduled industries for which the Development Council is established, to improve or develop the service that such industry or group of industries renders or could render to the community, or to enable such industry or group of industries to render such service more economically.
     (5) A Development Council shall also perform such other functions as it may be required to perform by or under any other provision of this Act.