Amendment status not verified — confirm the current text below against the official source.
Market Committee Fund (1) All moneys received by a Committee shall be paid into a fund to be called the Market Committee Fund and all expenditure incurred by the Committee under or for the purposes of this Act shall be defrayed out of such fund, and any surplus remaining after such expenditure has been met shall be invested in such manner as may be prescribed. (2)(a) Every Committee shall, out of its funds pay to the Board as contribution such percentage of its income derived from licence fee, market fee and fines levied by the Courts as is specified below to defray expenses of the office establishment of the Board and such other expenses incurred by it in the interest of the Committees generally and also pay to the State Government the cost of any special or additional staff employed by the State Government in consultation with the Committee for giving effect to the provisions of this Act. 6[(i) if the annual income of a Committee Twenty per centum does not exceed Rs. 20,00,000; a. if the annual income of a Committee exceeds Rs. 20,00,000; 1 Substituted vide Punjab Act No. 14 of 2005, dated 23-5-05 (Notification No.20-Leg./2005 dated 23.5.05). 2 Inserted by Punjab Act 23 of 1962 (operation of clause (xvii) has been restricted by Supreme Court vide judgment dated 4.5.79, AIR 1980 (SC) 1008. Again Substituted vide The Punjab Agricultural Produce Markets (Second Amendment) Act, 2017 Punjab Act No. 17 of 2017dated 14.8.17. 3 Inserted vide The Punjab Agricultural Produce Markets (Second Amendment) Act, 2017 Punjab Act No. 17 of 2017 dated 14.8.17. 4 Inserted vide Punjab Act No. 22 of 2017, notification no. 32-Leg/2017 dated 29th Dec 2017 5 Inserted vide Punjab Act No. 20 of 2018, notification No. 21-Leg./2018 dated 26th Sept. 2018 & corrigendum no. (xiii) vide 25th january 2019 6 Substituted vide Punjab Act No. 28 of 1993 26 (a) on the first of Rs. 20,00,000/- Twenty per centum (b) on the next Rs. 20,00,000/- Forty per centum and (c) on the remaining income Fifty per centum]. b. The State Government shall determine the cost of such special or additional staff and shall, where the staff is employed for the purposes of more Committees than one, apportion such cost among the Committees concerned in such manner as it thinks fit. The decision of the State Government determining the amount payable by any committee shall be final. 1["27-A. Contribution to Board The private market yard, producer and consumer market yard, e-trading platform and private producer market yard (Kissan Mandi) licensee shall contribute, the user charges at the prescribed rate to the Marketing Development Fund.".]