Section 100 · Power to compromise suits

Subject to rules made under this Act, 3[the President may, on behalf of a Council,] compromise any suit instituted by or against it, or any claim or demand arising out of any contract entered into by it in accordance with this Act for such sum of money or other compensation as shall be deemed sufficient. 4[When any such compromise is made, the President shall forthwith submit to the Council a report of the action taken by him indicating therein inter alia the reasons for which such action was considered necessary.] 1[