(1) All acquisitions of property shall be made by the Municipal Commissioner on behalf of the Corporation.
(2) Wherever it is provided that the 1Municipal Commissioner may acquire of wherever it is necessary or expedient for any purpose of this Act that the Municipal Commissioner shall acquire any movable or immovable property within or without the City or any interest in such property, the same may be acquired by the Municipal Commissioner, whether by agreement or otherwise :
Provided that--
(a) the Municipal Commissioner shall be bound by any resolution of the Executive Committee fixing terms, rates or maximum prices for a particulars case or for any class of cases ;
(b) the sanction of the Executive Committee shall be required
(i) for the compulsory acquisition of any property,
(ii) for the exchange of any immovable property,
(iii) for the taking of any property on lease for a term exceeding twelve months, or
(iv) for the acceptance of any gift or bequest of property burdened by an obligation, and
(c) the sanction of the Corporation shall be required
(i) for the acceptance or acquisition of any immovable property, if the value of the property which it is proposed to accept, acquire or give in exchange, exceeds five thousand rupees,
(ii) for the taking of any property on lease for a term exceeding three years, or
(iii) for the acceptance of any gift or bequest or property burdened by an obligation if the value of such property exceeds five thousand rupees.