(1) For meeting the objectives of the Act and in matters connected with administration of the Board, the Board may undertake activities either directly by itself, or through other party on contract or outsource, or through a partnership agreement with a Government or Semi-Government organization, or through public private partnership mode, or through a joint venture with any entity or institution, or through any other mode like special purpose vehicle etc, on the terms and conditions approved by the Board on project-to-project basis.
(2) The Board may enter into a contract or a Memorandum of Understanding (Mo Us) through the Commissioner or an officer so authorized by the Commissioner with any entity, whether Government or semi Government or commercial or non commercial for undertaking activities in pursuance of the objects and functions of the Board.
(3) All such contracts or Mo Us shall be placed before the Board in its next meeting for ratification.
(4) Contracts or Mo Us made on behalf of the Board shall not be binding on the Board unless they are executed by the Commissioner or by an officer duly authorized by the Commissioner and the seal of the Board affixed thereto,
(5) The Commissioner or any other officer who is duly so authorized by the Commissioner to enter into contracts or to sign Mo Us on behalf of the Board shall not be liable personally for any assurance or contracts made on behalf of the Board.
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(6) Any liability arising out of such assurance or contract shall be discharged from the funds of the Board.