129. Contracts improperly executed not to be binding on a Board
.-(1) If any contract is executed by or on behalf of a Board, otherwise than in conformity with the provisions of this Chapter, it shall not be binding on the Board.(2)Where the Chief Executive Officer executes a contract on behalf of the Board sanctioned under sub-section (2) of section 127, he shall submit a report, on the execution of the contract, to the Board at its next meeting.
