(1) Every contract shall, on behalf of the Authority, be made by the Chairperson or such other member or such officers of the Authority as may be generally or specially empowered in this behalf by the Authority and such contracts or classes of contracts as may be specified by the regulations shall be sealed with the common seal of the Authority:
Provided that no contract exceeding such value or amount as the State Government may prescribe in this behalf shall be made unless it has been previously approved by the State Government:
Provided further that no contract for the acquisition or sale of immovable property, or for the lease of any such property for a term exceeding five years shall be made without the previous approval of the State Government.
(2) Subject to the provisions of sub-section (1), the form and manner in which any contract shall be made under this Act shall be such as may be specified by the regulations.
(3) No contract which is not in accordance with the provisions of this Act and the rules or regulations made thereunder shall be binding on the Authority.
CHAPTER V Finance, Accounts and Audit