Executive power to carry on trade and hold property now subject to reciprocal legislative checks between Union and States.

The constitution extends the executive power of the Union and of each State to carry on any trade or business, to acquire, hold and dispose of property, and to make contracts for any purpose; however, the Union's executive action in matters outside Parliament's legislative competence is subject to State legislation in that State, and a State's executive action in matters outside the State Legislature's competence is subject to Parliament's legislation.

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