Mode of executing contracts on behalf of the Authority

(1) Every contract shall, on behalf of the Authority, be made by the Chief Executive Officer or any other officer of the Authority as may be generally or specially empowered in this behalf by the Authority and such contractor class of contracts, as specified in the regulations shall be sealed with the common seal of the Authority: Provided that, no contract exceeding such value or amount as the State Government may specify in this behalf shall be made, unless it has been previously approved by the State Government. (2) Subject to the provisions of sub-section (1), the form and manner in which any contracts shall be made under this Act shall be as specified by regulations. (3) No contract which is not in accordance with the provisions of this Act and rules and regulations made there-under shall be binding on the Authority.