General provisions regarding contracts

(1) The Council may enter into and perform all such contracts as it may consider necessary or expedient for carrying into effect the provisions of this Act. (2) No contract involving an expenditure exceeding the monetary limit prescribed under section 76 shall be entered into by the authorities of the municipality in accordance with such rule as may be prescribed. (3) Every contract entered into by or on behalf of the Council shall be entered into in such manner and in such form as may be prescribed. (4) The Commissioner shall take sufficient security and solvency, as may be prescribed, for the due performance of every contract into which he enters, as per the provisions of this section and the rules made thereunder. The security and solvency certificates so obtained shall be under the custody of the Commissioner.