Execution of contracts.

(1) Every contract made by the Board shall be entered into in such manner and in such form as may be prescribed and be signed by the Chairman on behalf of the Board: Provided that- (a) no contract involving an expenditure of rupees five lakhs or more shall be made without the previous sanction of the State Government; (b) any contract involving an expenditure upto Rs. 50,000 may, in case of urgency, be made by the Chairman without the previous sanction of the Board but shall be referred to the Board at the earliest opportunity. (2) Sub-section (1) shall apply to every variation or abandonment of a contract as well as to an original contract.