(1) The Board may enter into any contract for the discharge of the functions entrusted to it under the Act:
*Amended vide S.O.136 dated 31.12.2010 published in the Gazette of India, Part II – Section 3 – Sub-section (ii) dated 15.01.2011.
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Provided that -
(a) every contract which extends over a period of more than three years or involves an expenditure in excess of rupees one lakh; and
(b) every agreement or contract for technical collaboration or consultation services with firms or foreign Governments shall require the previous sanction of the Central Government.
(2) Contracts shall not be binding on the Board unless they are executed by the Chairman or any officer authorized by the Board.
(3) Neither the Chairman nor any officer of the Board nor any member thereof shall be personally liable under any assurances or contracts made by the Board and any liability arising under such assurances or contract shall be discharged from the moneys at the disposal of the Board.