(1)The Chief Executive Officer may on behalf of the Board enter into any contract, the value whereof does not exceed Rs, 5,000/- and every such contract, or agreement shall be reported to the Board at the next meeting thereof. He may also enter into other contracts after prior approval of the competent authority.(2)Every contract or agreement by or on behalf of the Board shall be in the name of the Board and shall be signed by the President or such other persons appointed by the Board for the purpose on behalf of the Board and sealed with the common seal of the Board as hereinafter provided.(3)The common seal of the Board shall not be affixed to any contract of other instrument, except in the presence of the President of the Board of such other person appointed by the Board for the purpose on behalf of the Board, who shall place his signatures to the contract or instrument in token of having sealed the said document in his presence.(4)No contract shall be binding on the Board, unless it is executed and sealed in the manner referred to above,
