(1)The Board may enter into contracts provided that every contract which involves an expenditure in excess of 20 lakh rupees, shall require the previous sanction of the Central Government.(2)Subject to the provision of Sub-rule (1), the Board may delegate to the [Executive Director] [Substituted 'Chairman' by Notification No. G.S.R. 668 (E), dated 4.7.2016 (w.e.f. 1.8.1955).] such power for entering into contracts on its behalf as it may think fit.(3)Contracts shall not be binding on the Board, unless they are executed by the [Executive Director] [Substituted 'Chairman' by Notification No. G.S.R. 668 (E), dated 4.7.2016 (w.e.f. 1.8.1955).], or an officer of the Board duly authorized by the Chairman.(4)[ Neither the [Executive Director] [Instrted by S.R.O. 549, dated 14th February, 1957] nor any officer of the Board nor any member of the Board shall be liable for any assurance or contract made by the Board but any liability arising out of such assurance or contract shall be discharged from the moneys at the disposal of the Board.]
