Amendment status not verified — confirm the current text below against the official source.
(1) For every delineated market area, there shall be a Market Committee consisting of a Chairman and other Members. (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, acquire, hold, lease, sell or otherwise transfer any property, both immovable and movable and to do all other things necessary for the purpose for which it is established: Provided that no immovable or moveable property the value of which exceeds the prescribed limits shall be acquired or disposed of by the Market Committee without the prior permission of the Board; Provided further that the Board may, for the reason to be recorded in writing, revoke such permission before the completion of the acquisition or execution of the deed, as the case may be; Provided also that Market Committee may, with the prior approval of the Board and after obtaining valuation certificate from the prescribed officer, enter into agreement with the owner of any land or building and purchase such land or building. (3) Notwithstanding anything contained in any enactment for the time being in force, every Market Committee shall for all purposes, be deemed to be a Local Authority. (4) The Market Committee shall be classified by the Director, subject to the prescribed guidelines, considering through put and other consideration as the Director deems fit, for the purpose of laying down the norms for staff, establishment expenditure and other expenses and allowances required therefore.