Amendment status not verified — confirm the current text below against the official source.
Mode of executing contracts on behalf of the Authority: (1) Every contract up to Rs. 100 crores on behalf the Authority shall be made by the Chairman or such other member or such officer of the Authority, as may be generally or specially empowered in this behalf by the Authority and such contracts or class of contracts as may be specified in the regulations shall be sealed with the common seal of the Authority: Provided that no contract exceeding such value or amount as the Government of Andhra Pradesh may, from time to time, by order, fix in this behalf shall be made unless it has been previously approved by the Authority : Provided further that no contract for the acquisition or sale of immovable property or for the leasing out or taking on lease of any property for a term exceeding sixty years and no other contract exceeding such value or amount as the Government of Andhra Pradesh may, from time to time, by order, fix in this behalf shall be made unless it has been previously approved by the AP Government: Provided after that, the manner in which the Lease sale / acquisition of the immovable properties shall be prescribed by the Board of the Authority. (2) Every Contract shall be entered into and executed after obtaining approval of the Board of Authority. (3) No contract shall be executed without the approval of Board of the Authority. (4) In case the seat of Chairman is vacant, the CEO of the authority is empowered to enter into contracts in the normal course of the activities of the authority and if required, with Banks after obtaining approval of the board at their meeting. CHAPTER - IV FUNCTIONS AND POWERS OF THE AUTHORITY