Amendment status not verified — confirm the current text below against the official source.
Establishment of Market Committee and its incorporation.- (1) Save as provided in Chapter IX, for every market area, there shall be a market committee having jurisdiction over the entire market area. (2) Every market committee established under this Act shall be a body corporate by such name as the State Government may by notification specify. It shall have perpetual succession and a common seal and may sue and be sued in its corporate name and shall, subject to such restrictions as are imposed by or under this Act, be competent to contract and to acquire, hold, lease, sell or otherwise transfer any property and to do all other things necessary for the purpose for which it is established: Provided that no immoveable property shall be acquired or transferred without the permission of the 3[Director of Agricultural Marketing]3: 2[Provided further that the 3[Director of Agricultural Marketing]3 may, for reasons to be recorded in writing, revoke such permission before the completion of the acquisition or the execution of the deed of transfer as the case may be.]2 4[Provided also that Market Committee may, with the prior approval of the Director of Agricultural Marketing and after obtaining valuation certificate from the Deputy Commissioner, enter into agreement with the owner of any land or building and purchase such land or building.]4 1[(3) Notwithstanding anything contained in any law for the time being in force every market committee shall for all purposes be deemed to be a local authority.]1