(1) The Corporation may enter into and perform all such contracts as it may consider necessary or expedient for carrying into effect the provisions of the Act.
(2) Every contract made under or for any purpose of the Act shall be made on behalf of the Corporation-
(i) by the Director General; or
(ii) subject to such conditions as it may specify by such member or officer of the Corporation as it may authorize:
PROVIDED that the prior sanction of the Standing Committee shall be obtained in respect of any contract involving an expenditure exceeding 18[rupees five lakhs].
(3) Every contract entered into by any person as provided in sub-rule (2) shall be entered into in such manner and form as would bind him if it were made on his own behalf and may in like manner and form be varied or discharged :
PROVIDED that the common or official seal, as the case may be, of the Corporation shall be affixed to every contract for amounts exceeding one thousand rupees.