With respect to the making of contracts by the Board for the purposes of this Act, the following provisions shall have effect, namely:-
(a) Every contract shall be made on behalf of the Board by the Chief Executive Officer or an officer authorised by the Board.
(b) No contract for leasing waterfront, jetty, waterway and corresponding infrastructural facilities thereof for a term exceeding five years shall be made unless it is previously approved by the Government on such terms and conditions as it may thinks fit.
(c) No contract for the acquisition or sale of immoveable property or for the lease of any such property for a term exceeding thirty years, shall be made unless it is previously approved by the Government, on such terms and conditions as it may thinks fit.
(d) The form and manner of executing contracts on behalf of the Board shall be such as may be prescribed by rules.
(e) No contract which is not made in accordance with the provisions of this Act and the rules shall be binding on the Board.