Executive power to carry on trade and manage property is subject to competing legislative competence between Union and State. The executive power of the Union and of each State extends to carrying on any trade or business, to the acquisition, holding and disposal of property, and to making contracts for any purpose. That executive authority is subject to limitation by legislative competence: Union executive activity within a State is subject to State legislation where Parliament lacks legislative power on the matter, and State executive activity is subject to Parliament where the State Legislature lacks legislative power.