Amendment status not verified — confirm the current text below against the official source.
(1) Every contract shall be made on behalf of the Board by the Chairman or any officer of the Board authorised in writing by the Board in this behalf. (2) The Chairman shall take sufficient security deposit for the due performance of the contract from every person with whom the contract is entered into. (3) Written agreements shall be executed for all contracts, the value of which exceeds five hundred rupees. (4) Every contract made under sub-section (1), the value of which exceeds ten thousand rupees, shall be reported to the Board at its next meeting. Further provisions as to the execution of contracts and agreements