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With respect to the making
of contracts, the following provisions shall have effect, namely:- |
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| (a)
| every
such contract shall be made on behalf of the Council by the Chairperson; |
| (b) |
no such contract, for any purpose which in accordance with any provision of this
Act the Chairperson may not carry out without the approval or sanction of the
Council shall be made by him until and unless such approval or sanction has been
duly obtained. | | (c)
| no
contract which will involve an expenditure exceeding ten lakh rupees or such higher
amount as the Central Government may from time to time, fix, shall be made by
the Chairperson unless the same is previously approved by the Council; and |
| (d) |
every contract made by the Chairperson involving an expenditure exceeding one
lakh rupees but not exceeding ten lakh rupees or such higher amount as may be
fixed under clause (c) shall be reported by him, within one month after the same
has been made to the Council. | | |