(1)The President may, on behalf of the Board enter into any contract or agreement, the amount or value of which shall not exceed one thousand rupees, in such manner and form as according to the law for the time being force, would bind him if such contract or agreement were on his behalf.(2)Every other contract or agreement where the amount or the value of the contract or agreement exceeds rupees one thousand, shall be in writing and be signed with the previous approval of the Board by the President and two other members on behalf of the Board and sealed with the common seal of the Board.(3)No contract or agreement not executed as provided in this section, shall be binding on a Board.
