Execution of contracts.

(1) No contract shall be executed on behalf of the market committee except with the sanction of the market committee by a resolution made in this behalf and all contracts shall be in writing and shall be signed on behalf of the market committee by the Chairman and two other members of the Market Committee, or if the Market Committee has been superseded, by the person or persons appointed under sub-section (3) of section 16. (2) No contract other than a contract executed as provided in sub-section (1) shall be binding on a market committee.