Amendment status not verified — confirm the current text below against the official source.
(1) 12) (3) (4) (s) 112 CHAPTER _ VIII MISCELLANEOI.JS Sublect to the provisions of this Act, no contract or agreement on behalf of the Committee tor the purchase. sale, lease. mortgage or other transfer of, or acquisition of interest in immovable property shall be executed except with the previous sanction ol the Committee. Save as provided in sub-section (1) :- (a) Secretary of the Committee may execute contract or agreement on behalf of the Committee where the amount or value of such contract or agreement does not exceed rupees iive thousand regarding matters in respect of which he is generally orspecifically authorized to do so by a resolution of the Committee. (b) The Chairman and the Secretary of the Committee may jointly execute a contract or an agreement on behalf ol the committee when the amount or value of such contract or agreement does not exceed rupees twenty thousand. (c ) ln any case other than those referred to in clauses (a) and (b), a contract or agreement on behalf of the Committee may be executed by the Chairman, Secretary and two other l\,lembers of the committee of whom one shall be ex-oflicio member who have been generally or specially authorized by a resolution of the Committee to do so. Every contract entered into by the committee shall be in writing and shall be signed on behalf of the committee by the person or persons aulhorized to do so under sub-section (2). No contract other than a contract executed under the provisions of sub-section (1), (2) or (3) shall be binding on the committee. Where a contract or agreement is entered into on behalf of a Committee, the Secretary of the committee shall report the fact to the committee in its next meeting held after the date ol entering into such contract or agreement.