(1)The Chairman may, on behalf of the Commissioners, enter into any contract or agreement whereof the value or amount shall not exceed five thousand rupees, in such manner and form as, according to the law for the time being in force, would bind him if such contract or agreement were on his own behalf; but every other contract or agreement on behalf of the Commissioners shall be in writing and shall be signed by the Chairman and by the two other Commissioners, and shall be sealed by the common Seal of the Commissioners.(2)No contract or agreement not executed as is in this section provided shall be binding on the Commissioners.
