Contracts to cease to have effect unless ratified by the corporation

Every contract entered into by the Company in relation to Sugar undertaking which have vested in the Corporation under section 3, for any service, sale or supply and in force immediately before the appointed day, shall on and from the expiry of a period of six months from the appointed day, cease to have effect, unless such contract is, before the expiry of that period, ratified in writing by the Corporation and in satifying such contract, the Corporation may make such alteration or modification therein as it may think fit:

Provided that the Corporation shall not omit to ratify a contract and shall not make any alteration or modification in a contract--

1. (a) unless it is satisfied that such contract is unduly onerous or has been entered into in bad faith or is determental to the interest of the Corporation; and
2. (b) except after giving the parties to the contract an opportunity of being heard and except after