Power to make contracts

(1) The Board may enter into and perform all such contracts as it may consider necessary or expedient for carrying out any of the purposes of this Act. (2) Every contract shall be made on behalf of the Board by the chairman. (3) Every contract made 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 executed in the manner provided in this section and the rules made thereunder shall not be binding on the Board.