Mode of making contract.

Subject to the provision of this Act. No contract or agreement on behalf of the Market Committee for the purchase, sale, lease, mortgage or other transfer of, or acquisition of interest in immovable property shall be executed except with the sanction of the Market Committee: Provided those in such cases where the powers under this sub section in respect of any matter are delegated to. A sub-committee, sanction of sub-committee shall be obtained. (2) Save as provided in Sub-section (1) (a) Chief Executive Officer of the Market Committee may execute contract or agreement on behalf of the Market Committee where the amount or value of such contract or agreement does not exceed Rs. 5,000 regarding matters in respect of which he is generally or specifically authorized to do so by a resolution of the Market Committee. (b) the Chairman and Chief Executive Officer of the Market Committee may jointly execute a contract or an agreement on behalf of the Market Committee when the amount or value of such a contract or an agreement does not exceed Rs. 20,000 depending on the class of the Market Committee as may be prescribed; (c) in any case other than those referred to in clause of Section 34 a contract or agreement on behalf of the Market Committee shall be executed by the Chairman, Chief Executive Officer and one other member of the Market Committee who shall have been generally or specially authorized by a resolution of the committee to do so. (3) Every contract entered into by the Market Committee shall be in writing and shall be signed on behalf of the Market Committee by the person or persons authorized to do so under sub-section (2) of Section 34. (4) No contract other than a contract executed as provided in sub-sections (1), (2) or (3) of Section 34 shall be valid and binding on the Market Committee. (5) (a) Notwithstanding anything contained in the Indian Registration Act, 1908 (No.16 of 1908), it shall not be necessary for the Chairman or any member or officer or Chief Executive Officer of a Market Committee to appear in person or by agent at any registration office in any proceeding connected with the registration of any instrument executed by him in his official capacity or to sign as provided in Section 58 of the Act. (b) Where any instrument is so executed. The Registration Officer to whom such instrument is presented for registration may, if he thinks fit, refer to such Chairman, member, officer or Chief Executive Officer for furnishing information respecting the same and shall on being satisfied of the execution thereof, register the instrument. (6) Where a contract or agreement is entered into on behalf of a Market Committee, the Chief Executive Officer of the Market Committee shall report the fact to the Market Committee at its meeting convened and held immediately following the date of entering into such a contract or an agreement.