Section 126. Contracts by whom to be executed

CHAPTER VII CONTRACTS 126. Contracts by whom to be executed .—Subject to the provisions of this Chapter, every Board shall be competent to enter into and perform any contract necessary for the purposes of this Act. 127. Sanction. —(1) Every contract— (a) for which budget provision does not exist, or (b) which involves a value or amount exceeding rupees fifty thousand shall require the sanction of the Board. (2) Every contract other than a contract such as is referred to in sub-section (1) shall be sanctioned by the Chief Executive Officer on behalf of the Board.