Amendment status not verified — confirm the current text below against the official source.
(1) For every market area, there shall be a Market Committee havinq jurisdiction over the entire market area. (2) Every Market Committee shall be a body Corporate Committee and by such name as the State Government or the Director 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 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 Director/ Managing Director. (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. 11 (1) The Market Committee may require a Local authority to transfer to it any land or building belonging to the Local authority which is situated within the market area and which, irnmediately before the establishment of the market was being used by the Local authority for the purposes of the market and the Local authority shall within one month of the receipt of the requisition, transfer the land and or building, as the case may be, to the Market Comrnittee on such terms as may be agreed between them. (2) Where within a period of thirty days from the date of receipt of requisition by the Local authority under sub- section (1) no agreement is reached between the Local authority and the Market Comrnittee under the said sub-section, the land or building required by tho Market Committee shall vest in the Market Committee for the purposes of this Act and the Local authority shall be paid such compen- sation as rnay be determined by the Collector under sub- section (5). -1D- Appointment of Office-in-Charge of Market committee pending constitution of first Market Committee Provided that no compensation sha'l be payable to a Local authority in respect of any land or building this had been vested in it by virtue of the incurred by the State Government in connection with the acquisition, the land shall vest in the board or the Market Committee, as the case may be: Provided that once a proposal is made by the Market Committee, it shall not be withdrawn by it except for such reasons as may be approved by the State Government. (12) The Board or the Market Committee shall not without the previous sanction of the State Government transfer any land which has been acquired for this purpose by the Board or the Market Committee under sub-section (1) or divert such land to a purpose other than the purpose for which it has been acquired: Provided that the premises used for market yard, sub market yard or for the purpose of the Board shall not be deemed to be included in the limits of the Municipal Corporation. Municipal Council Notified Area, Gram Panchayat or a Special Area Development Authority, as the case may be.