Amendment status not verified — confirm the current text below against the official source.
(1) When an order of supersession or dissolution shall have been passed under the last preceding section the following consequences shall ensure:- (a) all the members as well as the Chairman of the market committee shall, from the date of such supersession or dissolution, be deemed to have vacated their offices; (b) all assets vested in such committee shall during the period of supersession or dissolution vest in the State Government subject to all its liabilities. (2) On the expiration of the period of supersession specified in the order (a) extend the period of supersession for such further term as it may consider necessary, but not exceeding a period of one year at a time; or (b) reconstitute the market committee: Provided that the State Government may at any time before the expiration of the period of supersession take action under clause (b) of this sub-section. (3) On the reconstitution of the market committee under sub-section (2) the Government shall transfer all assets and liabilities of the market committee as on the date of such transfer to the new market committee.