Execution of contracts by market committee

(1) Every contract entered into by the market committee shall be in writing and shall be signed on behalf of the market committee by the Chairman, the Chief Administrative Officer and one other member of the market Committee, or where a Special Officer has been appointed under sub-section (1) of section 42 in respect of a market committee, such Special Officer and the Chief Administrative Officer. (2) No contract other than a contract executed as provided in sub-section (1) shall be binding on the market committee.