Agreements and security deposits

(1) Every contract shall be made on behalf of the Board by the Chairman or any officer of the Board authorised in writing by the Board in this behalf. (2) The Chairman shall take sufficient security deposit for the due performance of the contract from every person with whom the contract is entered into. (3) Written agreements shall be executed for all contracts, the value of which exceeds Rs. 500. (4) Every contract made under sub-section (1), the value of which exceeds Rs. 10,000, shall be reported to the Board at its next meeting.