Amendment status not verified — confirm the current text below against the official source.
Inserted vide Act No. 27 of 1984, Section 9. 16 power to acquire and hold property both movable and immovable and subject to the prescribed conditions and restrictions to lease, sell or otherwise transfer any property and may sue or be sued in its corporate name and shall, subject to the provisions of this Act, and the rules and bye laws made thereunder, be competent to contract and do all other things as may be necessary for the purpose for which it is established. 18-B. Powers and functions/of the Board :– (1) The Board shall, subject to the provisions of this Act, exercise the following powers, namely : (i) superintendence and control over the working and other affairs of the Market Committees including programmes under taken by such committees for the development of markets and market areas; (ii) giving direction to Market Committees in general or any Market Committee in particular with a view to ensuring efficiency thereof; (iii) approval of proposals for selection of sites by a Market Committee for development of market. (2) Without prejudice to the generality of the foregoing provisions it shall be the duty of the Board– (i) to supervise and guide the Market Committees in the preparation of plan and estimates of construction programme undertaken by the Market Committee; (ii) to execute all works chargeable to Marketing Development Fund; (iii) to maintain accounts in such forms as may be prescribed and get the same audited in such manner as may be paid down in the regulations of the Board', (iv) to publish annually at the close of the year its progress report, balance- sheet and the statement of assets and liabilities; (v) to make necessary arrangements for propaganda and publicity on matters related to marketing of an agricultural produce; (vi) to provide facilities for the training of officers and servants of Market Committees; (vii) to prepare and adopt budget for the ensuing year; (viii) to grant subventions to Market Committees for the purpose of this Act on such terms and conditions as the Board may determine; (ix) to do such either things as may be of general interest to Market committees or considered necessary for the efficient functioning of the Board. 18-C. Power of the Board to make regulations :– (1) The Board may, with the previous approval of the State Government, make regulations not inconsistent with this Act and the rules made thereunder, for the administration of the affairs of the Board. (2) In particular and without prejudice to eye generality of the foregoing powers, such regulations may provide for all or any of the following matters, namely : (a) the summoning and holding of meetings of the Board, the time and date when such meetings are to be held, the conduct of business at such meetings and the number of persons necessary to form a quorum thereof; 17 (b) the powers and duties of the officers and servants of the Board; (c) the salaries and allowances and other conditions of service of officers and servants of the Board; (d) the management of the property of the Board; (e) the execution of contracts and assurances of property on behalf of the Board; (f) the maintenance of accounts and preparation of balance-sheet of the Board; (g) the procedure for carrying out the functions of the Board under the Act ; and (h) any other matter for which provision is to be or may be made in the regulations. 18-D. Power of the Board to borrow :– The Board, subject to the provisions of this Act, may, from time to time, with the previous sanction of the State Government and subject to such conditions as the State Government may by general or special order determine, borrow any sum required for the purposes of this Act from the state Government or from any financial institution whether by issue of bond or stock. 18-E. Constitution of the Marketing Development Fund :– All moneys received by or on behalf of the Board shall constitute a fund called the Marketing Development Fund. 18-F. Proceedings not invalidated by reasons of vacancies etc. :– No act done or proceedings taken under this Act by the Board or a sub-committee appointed by the Board shall be invalidated merely on the ground of– (a) any vacancy or defect in the constitution of the Board or any sub- committee; or (b) any defect or irregularity in the appointment of any person acting as a member thereof ; or (c) any defect or irregularity in such act or proceedings not affecting the substance. 18-G. Contribution to be paid to the Board :– Every Market Committee shall, out of its funds, pay to the Board as contribution such percentage of its income derived from licence fees and market fees not less than five per cent of such income as may be prescribed to meet the expenses of the establishment of the Board and also those incurred in the interest of the Market Committee.] CHAPTER - V MISCELLANEOUS