39. (1) All contracts made by or on behalf of the Corporation shall be-(a) in writing and expressed to be made in the name of the Corporation;(b) executed in such manner as may be prescribed; and (c) reported to the Corporation by the Chief Executive Officer at the meeting next following the execution of the contract. (2) The Corporation may, by resolution, lay down the procedure that shall regulate the making of various contracts, and in the execution of contracts, the Chief Executive Officer shall act in accordance with such resolution. (3) No contract executed otherwise than in conformity with the provisions of this section shall be binding on the Corporation.