Section 72(3) in Karnataka Municipalities Act, 1964
(3)In the case,-(a)of a lease for a period exceeding one year or of a sale or other transfer, or contract for the purchase of any immovable property,(b)of every contract which will involve expenditure not covered by a budget grant,(c)of every contract the performance of which cannot be completed within the official year current at the date of the contract,the sanction of the municipal council by a resolution passed at a general meeting is required.
