(2)Every contract made by or on. behalf of a Municipal Board in respect of any sum exceeding five hundred rupees, or which shall involve, a value exceeding five hundred rupees, shall be sanctioned- by the Board at a meeting; and shall be in writing, and signed by at least two of the members one of whom shall be the Chairman or Vice-Chairman, and shall he sealed with the common seal of the Board.Unless so executed, such contract shall not be binding on the Board.
