Contracts by the Board

The Board may enter into contracts for the purposes of this Act, subject to the following conditions, namely:— (a) Every contract shall be made on behalf of the Board by the Chief Executive Officer or an officer specifically authorised for the purpose by the Board. (b) No contract for leasing of waterfront, jetty, waterway and related infrastructural facilities thereof for a term exceeding five years shall be made unless it is previously approved by the State Government on such terms and conditions as it may prescribe in the regulations. (c) No contract for the acquisition or sale of immoveable property or for the lease of any such property for a term exceeding thirty years, shall be made unless it is previously approved by the State Government, and on such terms and conditions as it may prescribe in the rules. (d) The form and manner of executing contracts and Concession Agreements on behalf of the Board shall be such as may be prescribed by rules or specifically approved for any project by the State Government, and (e) No contract made in contravention of the provisions of this Act and the rules framed under it shall be binding on the Board.