Agreements and security deposits. (1) Every. contract shall be made on .

(1) Every contract shall be made on behalf of the Board by the Secretary or any other officer of the Board authorised by the Board. (2) The secretary or the officer authorised under sub-section (1) shall take sufficient security deposit for the due performance of the contract. (3) Written agreements shall be executed for every contract, the value of which exceeds five hundred rupees. (4) Every contract made by the Secretary or the officer authorised under sub-section (1) the value of which exceeds ten thousand rupees, shall be reported to the Board at its next meeting.