(1)The Board may enter into any contract or a Memorandum of Understandings (MoUs) with any entity, whether government or semi-government or commercial or noncommercial or on his behalf by duly authorized agent, for undertaking activities in pursuance of the objects and functions of the Board. All such contracts or MoUs shall be finalized with the approval of the Chairperson and shall be placed before the Board in its next meeting for ratification.
631 PUNJAB GOVT. GAZ. (EXTRA), NOVEMBER 25, 2020 (AGHN 4, 1942 SAKA)
(2) Contracts or MoUs made on behalf of the Board shall not be binding on the Board unless they are executed by the Member Secretary or on his behalf by duly authorized agent by the Board and the seal of the Board affixed thereto.
(3) The Member Secretary or any person who is duly authorized to enter into contracts or to sign MoUs on behalf of the Board shall not be liable personally for any assurance or contracts made on behalf of the Board. Any liability arising out of such assurance or contract shall be discharged from the funds at the disposal of the Board.