Execution of contracts

24.(1) The Corporation may enter into and perform any contract necessary for the purpose of this Act. (2) Every contract made on behalf of the Corporation in respect of any sum exceeding five hundred rupees or which shall involve a value exceeding five hundred rupees shall be sanctioned by the Corporation at a meeting and shall be in writing and signed by at least two Councillors, one of whom shall be the Chairman or Vice-Chairman and shall be sealed with the Common seal of the Corporation and unless so executed, such contract shall not be binding on the Corporation.