Section 74(b) in Chennai City Municipal Corporation Act, 1919
(b)the sanction of the [standing committee] [Substituted for 'central committee' by Tamil Nadu Act 22 of 1971.] shall be required for the exchange of any immovable property, for the taking of any property on lease for a term exceeding twelve months, or for the acceptance of any gift or bequest of property burdened by an obligation; and
