Section 524. 1Municipal Commissioner may agree to receive payment of expenses in installments

524. Instead of recovering any such expenses as aforesaid in any manner hereinbefore provided, the 1[Municipal Commissioner] may, if he thinks fit and with the approval of the Executive Committee, take an agreement from the person liable for payment thereof, to pay the same in installments of such amounts and at such intervals as will secure the payment of the whole amount due, with interest thereon, at such rate not exceeding nine per cent per annum as the Executive Committee may fix from time to time, within a period of not more than five years.