Execution of contracts.

Execution of contracts. (1) Every contract shall be made on behalf of the Board by the Housing Commissioner:

Provided that,-

(a) no contract involving an expenditure of rupees two hundred and fifty lakhs and more shall be made without the previous sanction of the State Government,

(b)(i) no contract involving an expenditure of rupees fifty lakhs and more shall, subject to clause (a), be made without the previous sanction of the Board,

(ii) no estimate or tender involving an expenditure of rupees fifty lakhs and more shall, subject to clause (a), be sanctioned or accepted without the previous sanction of the Board.

(c) No joint venture or public private partnership arrangement involving an estimated cost of rupees two hundred and fifty lakhs and more shall be made without the previous sanction of the State Government, subject to such terms and conditions as may be prescribed of such joint venture or public private partnership as the case may be.

(2) Sub-section (1) shall apply to every variation or abandonment of a contract or estimate as well as to an original contract or estimate.

(3) Every contract made by the Housing Commissioner 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.