Write off losses -(1) Subject to such conditions as may be specified

by the Government, where the Board is of opinion that any amount due to or any loss, whether of money or of property incurred by the Board irrecoverable, the Board may, write off the said amount or loss;

1. (2) Not withstanding anything contained in sub-section (1), where the Chief Executive Officer is of opinion that any amount due to or any loss, whether of money or of property, incurred by the Board is irrecoverable, the Chief Executive Officer may sanction the written-off finally of such amount or loss provided that such amount or loss does not exceed, in an individual case, five thousand rupees or in the aggregate in any one year, one lakh of rupees and in every such case, the Chief Executive Officer shall make a report to the Board giving reasons for such sanction.