26. Further provision as to execution of contracts, and provision as to seal of Board. - (1) Every contract made by the Chairman on behalf of the Board shall be entered into in such manner and form as would bind the Chairman if such contract were made on his own behalf, except that the common seal of the Board shall be used (where necessary); and every such contract may in the like manner and form be varied or discharged.
(2)Every contract for the execution of any work or the supply of any materials or goods which will involve an expenditure exceeding [five thousand rupees] shall be in writing, and shall be sealed.(3)The common seal of the Board shall remain in the custody of the Secretary to the Board, and shall not be affixed to any contract or other instrument except in the presence of a Trustee (other than the Chairman), who shall attach his signature to the contract or instrument in token that the same was sealed in his presence.(4)The signature of the said Trustee shall be in addition to the signature of any witness to the execution of such contract or instrument.(5)A contract not executed as provided in this section shall not be binding on the Board.
