38. Contracts. - (1) The Board may enter into contracts provided that every contract which extends over a period of more than three years or involves expenditure in excess of Rs.1,00,000 shall require the previous sanction of the Central Government.
(2)The Board may delegate to the Executive Committee, Chairman or Secretary such power for entering into contracts on its behalf as it may think fit.(3)Contracts shall not be binding on the Board unless they are executed by the Chairman or Vice-Chairman and by the Secretary with the previous approval of the appropriate authority concerned and the common seal of the Board is affixed thereto.(4)Neither the Chairman nor Secretary nor any member of the Board shall be liable for any assurances or contract made by the Board but any liability arising under such assurances or contracts shall be discharged from the moneys at the disposal of the Board.
