Amendment status not verified — confirm the current text below against the official source.
(1) Except in the commercial transaction between two traders, any other person who buys notified agricultural produce in the market area, shall execute an agreement in triplicate in such form, as may be prescribed in favor of the seller. One copy of the aqrsement shall be kept by the buyer, one copy shall be supplied to the seller and the remaining copy shall be kept ill the record of Market Committee. (2) (a) The price of the notified agricultural produce brought in the market yard/sub market yard / private yard shall be paid on the same day to the seller in market yard /sub market yard/private yard. Payment of notified agricultural produce purchased , out of such yard·· yards, shall also be made to the seller, if he is not a trader, on the same day there itself; (b) in case purchaser does not make payment under clause (a), f1G shall be liable to make additional payment at the rate of one percent, per day of the total price of the agricultural produce, payable to the seller within five days; (c) in case the purchaser does not make payment with additional payment to the seller under clause (a) and (b) above, within five days from the day of such purchase, his license / registration shall be deemed to have been cancelled on the sixth day and he shall not be registered or granted any -28- ,,~ Power to levy market fees (single point levy) license or permitted to operate under this Act for a period of one year from tile date of such cancellation. (3) No wholesale transaction of notified agricu!tural produce shall be entered directly by licensed/ registered traders with producers of such produce except in the market yard/ sub market yard / private yard or in such place in accordance with the provisions in the Bye-Laws. Provided that agricultural produce produced under contract farming, may be bought directly by contract farming buyer anywhere. (4) The Commission agent shall recover his commission only from his principal trader at such rates as may be specified in the Bye-laws including all expenses as may be incurred by him in storage of the produce and other services rendered by him. (5) Every commission agent shall be liable ,- (a) to keep the goods of his principal in safe custody without any charge other than the commission payable to him, and (b) to pay the principal, as soon as goods are sold, the price thereof irrespective of whether he has and has not received the price from the buyer of such goods.