Amendment status not verified — confirm the current text below against the official source.
For sub-section (2), sub-sections (2) and (3) substituted by Act No.11 of 1991. Powers of Corporation as to acquisition of property. Acquisition of immovable property by agreement. 146 [Act No. II of 1956] (2) And whenever, under any provision of this Act, the 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 rates or prices or at rates or prices not exceeding such maxima as shall be approved by the Standing Committee as aforesaid. (3) Subject to the provisions of this Act, it shall be lawful for the Commissioner on behalf of 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 XIII 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 intsrest in such land or for compensating the owner of any such right in respect of any deprivation thereof or interference therewith. (4) 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), (2) or (3) shall be valid, if the price or compensation to be paid for such property or interest or right exceeds rupees five thousand unless and until such contract has been approved by the Corporation. (5) 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 219[two officers nominated by the Commissioner] and shall also have the signature of the said 220[two officers].