Mode of executing contracts.

1. (1) Every contract entered into by the General Manager on behalf of the corporation for the purposes of the 2[Brihan Mumbai Electric Supply and Transport Undertaking] shall be entered into such manner and form as would bind the General Manager if such contract were on, his own behalf, and may in the like manner and form be varied or discharged: Provided that every contract for the execution of any work or the supply of any materials or goods which will involve an expenditure exceeding 3[ten lakh rupees] or for the disposal of property of the corporation exceeding 4[twenty thousand rupees] in value shall be in writing and shall be signed by the General Manager and countersigned by

6[or by two officers of the Brihan Mumbai Electric Supply and Transport Undertaking to whom the powers have been delegated by the General Manager]].

1. (2) No contract which is not executed in accordance with the provisions of sub-section (1) shall be binding upon the corporation.