Agreements and security deposits

(1) Every contract shall be made on behalf of the Board by the Housing Commissioner. (2) The Housing Commissioner shall take sufficient security deposits for the due performance of the contract. (3) Written agreements shall be executed for all contracts the value of which exceeds five hundred rupees. (4) Every contract made by the Housing Commissioner, the value of which exceeds ten thousand rupees, shall be reported to the Board at its next meeting. Provided that a contract with any person or institution or organization outside India may be made on behalf of the Board by such other person also as the Board may specially authorise in this behalf.