(1)
Subject to the provisions of section 520, no payment shall be made by the Bank aforesaid out of the municipal fund except on a cheque signed by two persons in the manner specified below, namely :-
(a) [ by the Commissioner, Additional Commissioner, the Director or a Deputy Commissioner, [or in the absence of all of them by a municipal officer who is authorised by [the Standing Committee]], and
(b) by the Municipal Chief Accountant, Additional Municipal Chief Accountant, Joint Municipal Chief Accountant or Deputy Accountant:]
(2)
Payment of any sum due by the Corporation in excess of one hundred rupees (or such higher amount as [the Standing Committee] [These words were substituted for the words 'the Mayor-in-Council' by Maharashtra 27 of 1999, Sections 46 and 47, (w.e.f. 23-4-1999).] from time to time may fix generally or for any specified class of payments) shall be made by means of a cheque signed as aforesaid and not in any other way.
(3)
Payments not covered by sub-section (2) may be made by the Commissioner in cash or cheques for a sum not exceeding five thousand rupees each (or such higher amount as [the Standing Committee] [These words were substituted for the words 'the Mayor-in-Council' by Maharashtra 12 of 1993, sEction 3(b).] may from time to time fix) signed as aforesaid, being drawn from time to time to cover such payments.]