(1) The Board may enter into and perform all such contracts as it may consider necessary or expedient for carrying out any of the purposes of this Act.
(2) Every contract shall be made on behalf of the Board by its Chairman;
Provided that the Chairman may, by an order in writing, delegate his powers in this behalf to the Vice-Chairman, Secretary or Chief Executive Officer.
(3) Every contract made on behalf of the Board shall subject to the provisions of this section, be entered into in such manner and form as may be prescribed.
(4) A contract not executed in the manner provided in this section and the rules made thereunder, shall not be binding on the Board.
(2) Every contract shall be made on behalf of the Board by its Chairman;
Provided that the Chairman may, by an order in writing, delegate his powers in this behalf to the Vice-Chairman, Secretary or Chief Executive Officer.
(3) Every contract made on behalf of the Board shall subject to the provisions of this section, be entered into in such manner and form as may be prescribed.
(4) A contract not executed in the manner provided in this section and the rules made thereunder, shall not be binding on the Board.
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Definitions.Section 3 · Establishment and incorporation of Board.Section 4 · Constitution of the Board.Section 5 · Vacancy.Section 6 · Allowance to membersSection 7 · Appointment of Financial Adviser and Chief Account Officer.Section 8 · Appointment of Chief Executive Officer.India Code, Government of India. Text fetched 12 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.