The Board may with the previous sanction of the Central Government borrow on the security of (.he Tea Fund or any other of its assets for meeting its expenses or for any other purposes referred to In Section 10 of the Act:
Provided that no loan shall be taken which is repayable later than six months from the date of the loan.
3fl. Contracts.—(1) The Board may enter into contracts provided t lat every contract which extends over a period of more than three years or involves expenditure in excess of Rs. 1,00.000 shall require the previous sanction of the Central Government.
(2) The Board may delegate to the Executive Committee, Chairman or Secretary such power for entering into contracts on Its behalf as it may think fit,
(3) Contracts shall not be binding on the Board unless they are executed by the Chairman or Vice-Chairman and oy the Secretary with the previous approval •of the appropriate authority concerned and the common seal of the Board is affixed thereto.
(4) Neither the Chairman nor Secretary nor any member of the Board shall be liable for any assurances or contract made by the Board but any liability arising under such assurances or contracts shall be discharged from the moneys at the disposal of the Board.