Section 7 in The National Bank For Agriculture And Rural Development General Regulations, 1982
7. Manner and form in which contracts binding on the National Bank may be executed
.-(1) Contracts on behalf of the National Bank may be made as follows:-(i)Any contract which, if made between private persons, would by law be required to be in writing and signed by the parties to be charged therewith, may be made on behalf of the National Bank in writing and signed by any person acting under its authority, express or implied, and may in the same manner be varied or discharged.(ii)Any contract, which, if made between private persons, would by law be valid although made by parol only and not reduced in writing may be made by parol on behalf of the National Bank by any person acting under its authority, express or implied, and may in the same manner be varied or discharged.(2)All contracts made according to the provisions of this regulation shall be effectual in law and shall bind the National Bank and all other parties thereto and their legal representatives.
