(1) Every contract shall be made on behalf of the Board by the Chairman or any officer of the Board authorised in writing by the Board in this behalf.
(2) The Chairman shall take sufficient security deposit for the due performance of the contract from every person with whom the contract is entered into.
(3) Written agreements shall be executed for all contracts, the value of which exceeds five hundred rupees.
(4) Every contract made under sub-section (1), the value of which exceeds ten thousand rupees, shall be reported to the Board at its next meeting.
Further provisions as to the execution of contracts and agreements
24. Subject to the provisions of sections 22 and 23, the contracts or agreements shall be made or executed in accordance with the rules made in that behalf.
Contract made in contravention of Act, etc., not binding on Board
25. A contract or agreement made or executed in contravention of the provisions of this Act or the rules or regulations made thereunder shall not be binding on the Board.
100 Registration of instruments