Commissioner

11[or General Manager] may agree to receive payment of expenses in instalments.— Instead of recovering any such expenses as aforesaid in any manner herein before provided, the Commissioner

12[or the General Manager] may, if he thinks fit and with the approval of

13[the Standing Committee or the Brihan Mumbai Electric Supply and Transport Committee, as the case may be] take an agreement from the person liable for the payment thereof, to pay the same in instalments of such amounts and at such intervals as will secure the payment of the whole amount due, with interest thereon

14[at such rate not exceeding nine per centum per annum as the

15[Standing Committee] may fix from time to time] within a period of not more than five years.