Amendment status not verified — confirm the current text below against the official source.
(1) For every market area, there shall be a Market Committee having jurisdiction over the entire market area : (2) Every Market Committee shall be a body corporate by such names 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 be subject to such restrictions as are imposed by or under this Act, be competent to conduct 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 immovable property shall be acquired or transferred by way of sale, lease or otherwise without the prior permission of the State Government (3) Notwithstanding anything contained in any enactment for time being in force, every market com- mittee shall for all purposes be deemed to be a local authority. Vesting of property of local authority in Market Committee