Amendment status not verified — confirm the current text below against the official source.
Acquisition of immovable property by agreement.— (1) Wherever it is provided by this Act that the Commissioner may acquire or whenever it is necessary or expedient for any purpose of this Act that the Commissioner shall acquire, any immovable property, such property may be acquired by the Commissioner on behalf of the corporation by agreement 7[subject to the provisions of sub-section (3)]. (2) And wherever, under any provision of this Act, Commissioner is authorised to agree to pay the whole or any portion of the expenses of acquiring any immovable property, he shall do so on such terms and at such rates or, prices or at rates or prices not exceeding such maximum as shall be approved by the 8[the Improvements Committee] as aforesaid. 9[(2A) Subject to the provisions of this Act, it shall be lawful for the Commissioner on behalf of the corporation to agree with the owner of any land or of any interest in land needed by the corporation for the purposes of any scheme under Chapter XII-A or with the owner of any right which may have been created by legislative enactment over any street forming part of the land so needed, for the purchase of such land or of any interest in such land or for compensating the owner of any such right in respect of any deprivation thereof or interference therewith.] 10[(3) No contract for the acquisition of any immovable property or of any interest therein or any right thereto or the payment of any compensation under sub-section (1) or (2) or (2A) shall be valid, if the price of compensation to be paid for such property or right exceeds five lakhs rupees unless such contract has been approved by the Improvements Committee and by the Corporation if the price or compensation exceeds two crores rupees.] 11[(4) Every contract or other instrument relating to the acquisition of immovable property or any interest therein or any right thereto shall be executed by the Commissioner, shall have the common seal of the corporation affixed thereto in the presence of 12[two members of the Improvements Committee and shall also have the signatures of the said members], in the manner prescribed in section 70. (5) No contract for the acquisition of immovable property or any interest therein or any right thereto not executed as in sub-section (4) provided shall be binding on the corporation. (6) The foregoing provisions of this section which apply to an original contract relating to the acquisition of immovable property, or any interest therein, or any right thereto, shall be deemed to apply also to any variation or discharge of such contract.]