(2)When it is decided to execute a work by contract or purchase any materials or goods and the expenditure involved in such execution or purchase is estimated to exceed [fifty thousand rupees] [Substituted 'five thousand' by Act No. 23 of 2008, dated 18.9.2008.], the Chairman shall, at least seven days before entering into such contract or making such purchase give notice by advertisement in the local newspapers inviting tenders for the same:Provided that the Board may, at the instance of the Chairman and with the sanction of the State Government, for reasons to be recorded in the proceedings, authorise the Chairman to enter into a contract without inviting tenders:Provided further that every contract made by the Chairman involving an expenditure exceeding [fifty thousand rupees] [Words substituted for the words 'one thousand rupees and not exceeding three thousand rupees' by W.B. Act 43 of 1983.] shall be reported by the Chairman to the Board within fifteen days after it is made.
