(1)The Board may enter into any contracts for the discharge of its functions under the Act - Provided that -(a)[ every contract other than a contract for, or the actual purchase or sale of Virginia tobacco under the provisions of rule 32, which involves an expenditure in excess of rupees twenty lakh; and [Amended vide Tobacco Board (Second Amendment) Rules 1988 Published in the Gazette of India Extraordinary dated 21-12-1988.](b)every agreement or contract for technical collaboration or consultation services with firms or foreign Governments shall require the previous approval of the appropriate authority concerned.](2)Contracts shall not be binding on the Board unless they are executed by the Chairman or any officer authorized by the Board with the previous approval of the appropriate authority concerned.(3)Neither the Chairman nor any officer of the Board nor any member thereof shall be personally liable under any assurances of contracts made by the Board and any liability arising under such assurances or contracts shall be discharged from the moneys at the disposal of the Board.
