Contracts by the Board

(1) Subject to the provisions of this Act the Board shall be competent to enter into and perform any contract necessary for the purposes of this Act. (2) Every such contract shall be made on behalf of the Board by the Chairman in such form and manner as may be specified in the regulations made in that behalf. (3) No contract which is not made in accordance with the provisions of this Act and the rules and regulations made thereunder shall be binding on the Board.