Every contract or assurance of property on behalf of the Corporation shall be in writing and executed by such authority or officer in such manner as may be provided by regulations.

Exemption from tax on wealth and income Exemption from tax on wealth and income.— Notwithstanding anything contained in the Wealth-tax Act, 1957, the Income-tax Act, 1961, or any other enactment for the time being in force relating to tax on wealth, income, profits or gains, the Corporation shall not be liable to pay wealth-tax, income-tax or any other tax in respect of its wealth, income, profits or gains derived.