Section 15 in The National Oilseeds And Vegetable Oils Development Board Rules, 1984
15. Contracts.
(1)The Board may enter into any contract for the discharge of the functions entrusted to it under the Act :Provided that-(a)every contract which extends over a period of more than three years or involves an expenditure in excess of rupees one lakh and(b)every agreement or contract for technical collaboration or consultation services with firms or foreign Governments shall require the previous sanction of the Central Government.(2)Contracts shall not be binding on the Board unless they are executed by the Executive Director or any officer authorised by the Board.(3)Neither the Executive Director nor any officer of the Board nor any member thereof shall be personally liable under any assurances or contracts made by the Board and any liability arising under such assurances or contract shall be discharged from the moneys at the disposal of the Board.
