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] [Inserted by Punjab Act No. 34 of 1934.] 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 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.
