Section 22
Power of Commission to enter into contracts involving capital expenditure
of Penang Port Commission Act 1955
The Commission may sanction permanent new works and enter into other contracts involving capital expenditure.
(2)
No such work shall be commenced or contract entered into—
(a)
if the sum estimated to be required on the new work, or in respect of the contract, exceeds two hundred and fifty thousand ringgit, until a plan and estimate thereof have been submitted to, and approved by, the Commission;
and
(b)
if the sum estimated to be required on the new work or in respect of the contract, exceeds five million ringgit, until a plan and estimate thereof have been submitted to, and approved by, the Minister.
(3)
All contracts involving capital expenditure estimated to exceed two hundred and fifty thousand ringgit, shall be reduced into writing, and shall not be binding on the Commission unless sealed with the common seal of the Commission.