Amendment of Section 16

In the Principal Act, for Sub-Section (1) of Section 16 and the provisos thereto, the . following shall be substituted, namely : “(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 CEO on behalf of the Board. Provided that - (a) No contract involving an expenditure of rupees five crores or more shall be made without the previous sanction of the State Government. (b) The Board shall. have full power to approve contract for execution of works - costing rupees five crore or less. (c) -In case of urgency, Chairman may approve any contract of rupees ten lakhs and below without previous sanction of the Board, but shall be referted to the Board at the earliest opportunity.”