Amendment status not verified — confirm the current text below against the official source.
(1) Save as provided in sub-section (2) all money received by a Market Committee shall be paid into a fund to be called “The Market Committee Fund” and all expenditure incurred by the Market Committee under or for the purposes of this Act shall be defrayed out of the said fund. Any surplus remaining with the Market Committee after such expenditure has been made shall be invested in such manner as may be prescribed. (2) Any money received by the Market Committee by way of arbitration fee or as security for costs in arbitration proceedings relevant to disputes or any money received by the Committee by way of security deposit contribution to Provident Fund or for payment in respect of any notified agricultural produce, or charges payable to weighman, hammal and other functionaries and such other money received by the Market Committee as may be provided in the rule or bye-laws shall not form part of Market Committee Fund and shall be kept in such manner as may be prescribed. (3) Save as otherwise provided in this Act, the amount to the credit of the market fund and all other money received by the Market Committee shall he kept in a Cooperative Bank or in Post Office, Saving Bank or with the approval of the Director in any Bank. Application of Market Committee Fund.