Payment by cheque

(1) No payment shall be made by the Bank, out of account of the " Housing Board Fund" referred to in section 64 except upon cheque signed- (a)by the Managing Director and Secretary to the Board or (b) in the event of the illness or occasional absence by reason or leave of the managing Director by any member or any authority empowered by Managing Director in his place and in the event of illness, or occasional absence or leave of the secretary , by Chief Accounts Officer appointed by the State Government . (2) Payment of any sum due by the Board exceeding one hundred rupees in amount shall be made by means of a cheque, and not in any other form.