Section 18. Mode of executing contracts on behalf of the Authority

(1) Every contract shall, on behalf of the Authority, be made by the Chief Executive Officer of the Authority as may be generally or specially empowered in this behalf by the Authority and such contract or classes of contracts as may be specified in the regulations shall be sealed with the common seal of the Authority: Provided that no contract for the sale of immovable property shall be made unless it has been previously approved by the State Government. (2) Subject to the provisions of sub-section (1), the form and manner in which any contract shall be made under this Act shall be such as may be laid down in the regulations. (3) A contract which is not in accordance with the provisions of this Act, Rules and the regulations shall not be binding on the Authority.