Any two or more authorities may cooperate in the exercise of any of the powers conferred in this act. For the purpose of financing, planning, constructing or operating a housing project or projects jointly, when such is deemed necessary to the effectuation of the purposes of this act, two or more authorities may set up a joint committee to have charge of such financing, planning, construction or operation. Each of the cooperating authorities shall appoint two of its own members to serve on such joint committee, and the State Planning Board shall designate an additional member upon being notified by the authorities of their desire to cooperate in preparing and carrying on a project. The cooperating authorities shall draw up a satisfactory plan of cooperation which must be approved by the State Planning Board prior to the commencement of any activity on such joint project.

For the purpose of financing their respective projects (including the issuance of bonds, notes or other obligations and giving security therefor), any authority may join or cooperate with any other authority or authorities and, by resolution, prescribe and authorize any other housing authority or authorities so joining or cooperating with it or them to act on its or their behalf as agent or otherwise in the name of the housing authority or authorities so joining or cooperating or in its own name.