(1) Subject to the provisions of this Act, no contract or agreement on behalf of the Committee for the purchase, sale, lease, mortgage or other transfer of, or acquisition of interest in the immovable property shall be executed except with the previous sanction of the Committee.
(2) Save as provided in sub-section (1),-
(a) Secretary of the Committee may execute contract or agreement on behalf of the Committee where the amount or value of such contract or agreement does not exceed rupees five thousand regarding matters in respect of which he is generally or H. P. AGRICULTURAL AND HORTICULTURAL PRODUCE MARKETING 41 (DEVELOPMENT AND REGULATION) ACT, 2005 specifically authorized to do so by a resolution of the Committee;
(b) The Chairman and the Secretary of the Committee may jointly execute a contract or an agreement on behalf of the Committee when the amount or value of such contract or agreement does not exceed rupees twenty thousand;
(c) In any case other than those referred to in clauses (a) and (b), a contract or agreement on behalf of the Committee may be executed by the Chairman, Secretary and two other members of the Committee of whom one shall be ex-officio member who have been generally or specially authorized by a resolution of the Committee to do so.
(3) Every contract entered into by the Committee shall be in writing and shall be signed on behalf of the Committee by the person or persons authorized to do so under sub- section (2).
(4) No contract other than a contract executed under the provisions of sub-section (1), (2) or (3) shall be binding on the Committee.
(5) Where a contract or agreement is entered into on behalf of a Committee, the Secretary of the Committee shall report the fact to the Committee in its next meeting held after the date of entering into such contract or agreement.