Section 72(4) in Karnataka Municipalities Act, 1964
(4)In the case of a contract for the purchase of movable property, or for the sale of any movable property belonging to a municipal council, if the expenditure which the purchase would involve, or the value of the property to be sold, as estimated in the municipal accounts exceeds one thousand rupees in the case of a town municipal council and two thousand rupees in the case of a city municipal council, the sanction of the municipal council is required.
