Section 460O in The Mumbai Municipal Corporation Act, 1888
460O. Acquisition of immovable property by agreement.
(1)Whenever it is necessary or expedient for the purposes of the [Brihan Mumbai Electric Supply and Transport Undertaking] [These words were substituted by Maharashtra 25 of 1996, (w.e.f. 4.9.1996).] that the General Manager shall acquire any immovable property, such property may be acquired by the General Manager on behalf of the corporation by agreement on such terms and at such rates or prices or at rates or prices not exceeding such maximum as shall be approved by the [Brihan Mumbai Electric Supply and Transport Committee] [These words were substituted for the words 'Mayor-in-Council' by Maharashtra 27 of 1999, Section 173(a), (w.e.f. 23-4-1999).] either general for any class of cases or specially in any particular case.(2)No contract for the acquisition of any immovable property shall be valid, if the price to be paid for such property exceeds five thousand rupees unless and until such contract has been approved by the [Brihan Mumbai Electric Supply and Transport Committee] [These words were substituted by Maharashtra 27 of 1999, Section 173(b), (w.e.f. 23-4-1999).].
