Section 47 · Mode of executing contracts and transfer of property

(1) Every contract made by or on behalf of the committee of any municipality of the first class whereof the value or amount exceeds one hundred rupees, and every contract made by or on behalf of the committee of any municipality of the second [and third class] whereof the value or amount exceeds fifty rupees, shall be in writing, and must be signed by two members, of whom the President or a Vice President shall be one, and countersigned by the Secretary : Provided that, when the power of entering into any contract on behalf of the committee has been delegated under the last foregoing section, the signature or signatures of the members to whom the power has been delegated shall be sufficient. (2) Every transfer of immovable property belonging to any committee must be 1. The words "or to one month's wages in lieu thereof" omitted by Punjab Act 24 of 1973, Section 12 2. Substituted for the old sub-section by Punjab Act 2 of 1933, Section 21 3. Sub-section (3) and (4) omitted by the Punjab Act 24 of 1973, Section 12 4. Sub-section (3) and (4) omitted by the Punjab Act 24 of 1973, Section 12 5. This section shall be deemed to be omitted in the case of Municipalities to which the Municipal (Executive Officers) Act, 1931, applies-vide Items No. 2, Schedule II, Punjab Act 2 of 1931, as amended by Punjab Act 2 of 1934 6. Words inserted by Punjab Act 10 of 1972, Section 14 7. Inserted by Punjab Act 34 of 1934, Section 4 The Punjab Municipal Act, 1911, Section 48 made by an instrument in writing, executed by the President or Vice President, and by at least two other members of committee, whose execution thereof shall be attested by the Secretary. (3) No contract or transfer of the description mentioned in this section executed otherwise than in confirmity with the provisions of this section shall be binding on this committee. 1 [48. Penalty on member, officer or servant being interested in any contract made with a committee. - (1) If any member, officer or servant of a committee or of a joint committee, without the previous permission in writing of the -[Deputy Commissioner] voluntarily renders himself interested in any contract made with that committee, or if within one month of his becoming interested in any such contract he neither resigns or obtains the permission in writing of the "[Deputy Commissioner] for his remaining a member, officer or servant of the committee in spite of his interest in such contract, he shall be deemed to have committed an offence under Section 168 of the Indian Penal Code : Provided that for the purposes of this sub-section a person who has been elected but whose election has not been notified shall be deemed to be a member.] (2) No member, officer or servant of a committee or a joint committee shall by reason only of his being a shareholder, in, or a member of, any incorporated or registered company, be held to be interested in any contract entered into between the said company and the committee ; or joint committee but no such person as aforesaid shall take part in any proceedings of the committee or joint committee relating to any such contracts. Privileges and Liabilities