Contracts by Corporation

1. (1) Subject to the provisions of Section 174 and 170 the

Corporation shall be competent to enter into and perform any contract necessary for the purposes of this Act.

1. (2) The contracts by the Corporation under this Act would be made in the manner prescribed.

17 4. Procedure for making contracts: With respect to the making of contracts, the following

provisions shall have effect, namely:-

1. (a) every such contract shall be made on behalf of the Corporation by the Commissioner;
2. (b) no such contract, for any purpose which in accordance with any provision of this Act the Commissioner may not carry out without the approval or sanction of the Corporation, shall be made by him until and unless such approval or sanction has been duly obtained;
3. (c) every contract involving an expenditure not exceeding rupees five lac or such higher amount as the Corporation may fix, may be made by the Commissioner. Provided that the contract exceeding rupees five lac in value or such higher amount as the Corporation may fix, shall be made by the Commissioner only after prior approval of the