Amendment status not verified — confirm the current text below against the official source.
With respect to the making of contracts by the Board for the purposes of this Act, the following provisions shall apply, namely:-- (a) every contract shall be made on behalf of the Board by the Chief Executive Officer or an officer authorised by the Board; (b) no contract for the acquisition of sale of immovable property or for the lease or licence of any such property for a term exceeding thirty years, shall be made unless it is previously approved by the Government, on such terms and conditions as it may think fit; (c) no contract for leasing or licensing waterfront, jetty, waterway and corresponding infrastructural facilities thereof for a term exceeding five years shall be made unless it is previously approved by the Government, on such terms and conditions as it may think fit; (d) the form and the manner of executing contracts on behalf of the Board shall be such as may be prescribed; (e) no contract which is not made in accordance with the provisions of this Act and the rules or the regulations made thereunder shall be binding on the Board.