(1)Every contract shall be made on behalf of the Board by the [Secretary] [In place of word 'Chairman' the word 'Secretary' substituted by Amendment Act 32 of 2001.] , or any other person empowered by it in this behalf.(2)The [Secretary] [In place of word 'Chairman' the word 'Secretary' substituted by Amendment Act 32 of 2001.] shall take sufficient security deposit for the due performance of the contract.(3)Written agreements shall be executed for all contracts, the value of which exceeds five hundred rupees.
