Mode of making contract

1. (1) Every contract or agreement entered into by a Market Committee for the purchase, sale, lease,mortgage or other transfer of, or acquisition of interest in immovable

property shall , in writing, be executed on behalf of Market Committee jointly

by its Chairperson, Vice- Chairperson and the Secretary , with the sanction of the Market Committee, as may be prescribed.

1. (2) No contract other than a contract executed as provided in sub-section (1) shall be valid and binding on the Market Committee.