Execution of contracts

(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 or property of the value of five-lakh rupees or more shall be made without the previous sanction of the Government. (2) Every contract shall, subject to the provisions of this section, be entered into in such manner and form as may be prescribed. (3) A contract not made or executed as provided in this section and the rules made thereunder shall not be binding on the Board.