With respect to the making of contracts, the following provisions shall have effect, namely :––
(a) every such contract shall be made on behalf of the Corporation by the Commissioner ;
(b) no such contract, for any purpose which in accordance with any provision of this Act the Commissioner may not carry out without the approval or sanction of the Corporation, shall be made by him until and unless such approval or sanction has been duly obtained ;
[(c) every contract involving an expenditure up to rupees one crore or such higher amount as the Corporation may fix, may be made by the Commissioner and contracts exceeding one crore or the higher amount so fixed by the Corporation, may be made by the Executive Committee ;]
(d) no contract other than a contract falling under clause (c) shall be valid unless the same has been made with the prior approval of the Corporation :
Provided that contracts exceeding rupees fifty lacs in value or such other higher amount as the Government may fix, shall be entered into by the Corporation only after prior approval of the Government.