Execution of contract

(1) Every contract shall be made in the name of the Board and shall be signed for and on behalf of the Board by the Chairman: Provided that no contract involving an expenditure of five lakhs rupees or more shall be made without the previous sanction of the Administrator unless the Administrator permits the Board in writing to make a contract involving an expenditure exceeding five lakhs rupees.(2) Sub-section (1) shall reply to every variation or abandonment of a contract or estimate as well as to an original contract or estimate.(3) Every contract by the Chairman on behalf of the Board shall, subject to the provisions of this section be entered into in such manner and form as may be prescribed.(4) A contract not made or executed as provided in this section and the rules made thereunder shall not be binding on the Board.