Amendment status not verified — confirm the current text below against the official source.
Execution of contracts by the Board.- (1) The Board may enter into and perform all such contracts as it may consider necessary or expedient for carting out all or any of the functions for which it is established. (2) Every contract entered into by the Board shall be in writing and shall be executed on behalf of the Board by the President and the Chief Executive Officer. (3) No contract other than a contract executed as provided in sub- section (2) shall be binding on the Board.