Amendment status not verified — confirm the current text below against the official source.
(I) When an order of supersession has been passed under section 69, the following consequences shall ensure- (a) all the members as well as the Chairman and the Vice-Chairman of the Market Committee shall from the date of such publication, vacate their office ; (b) all the powers and duties which under this Act may be exercised and performed by the committee, whether at a meeting or otherwise, shall, during the period of supersession, be exercised and performed by the Chairman appointed by the Government or by such person as the Government may direct: (c) all assets vested in such committee shall during the period of supersession vest in the Government subject to all its liabilities. (2) On the expiration of the period of supersession specified in the order the Government may- (a) extend the period of supersession for such further term as it may be considered necessary but not exceeding a period of one year at a time: or (b) reconstitute the Market Committee and the persons who vacated their offices under clause (a) of sub-section (I) shall not be deemed to be disqualified for election or appointment, as the case may be: Provided that the Government may, at any time before the expiration of the period of supersession, take action under clause (b) of this sub-section. (3) If the Government make an order for reconstitution of the Market Committee under sub-section (2) it shall transfer the assets and liabilities of the· Market Committee as on the date of such transfer to the New market Committee constituted as such or to the person or persons, if any, appointed for carrying out the functions of the Market Committee, as the case may be: Provided that if the Market Committee is not reconstituted or if no person is appointed for carrying out the functions of the Market Committee the Government may transfer all the assets of the Market Committee which remain after the satisfaction of all its liabilities to the local authority within whose jurisdiction the Market Committee is situated or if there are more than one such authority such portion of the assets as the Government may determine and the local authority to which the assets are so transferred shall have to utilise the same in the area within its jurisdiction for such objects as the Government may consider necessary for the benefit of the agriculturists in that area in consonance with the provisions of this Act. Consequences / of supersession Recovery of sum duties ..