Every contract entered into by the owners or the transferees, in relation to the Estate which has vested in the State Government under section 3 and in force immediately before the appointed day, shall on and from the expiry of thirty days from the appointed day, cease to have effect unless such contract is, before the expiry of that period, ratified in writing by the Board and in ratifying such contract, the Board may make such alteration or modification therein, as it may think fit:
Provided that the Board shall not omit to ratify a contract and shall not make any alteration or modification in a contract,-
(a) unless it is satisfied that such contract is unduly onerous or has been entered into in bad faith or is detrimental to the interest of the Board:
(b) except after giving to the parties to the contract a reasonable opportunity of being heard and except after recording in writing its reasons for refusal to ratify the contract or for making any alteration or modification therein.