Amendment status not verified — confirm the current text below against the official source.
(1) Every Market Committee shall prepare and pass the budget of its income and expenditure for the preparation and ensuing year in the prescribed form and shall submit sanction of it to the Director/Managing Director for sanction budget. Before the prescribed date every year. The Director/Managing Director shall sanction the budget with or without modification within two months from die date of receipt thereof. If the budget is not returned by the Director/Managing Director within two months, it shall be presumed to have been sanctioned. (2) The Market Committee may sanction and cause to undertake execution of construction works out of its fund other than the permanent fund referred to in sub-section (6) on the basis of the plans and designs approved by the Market Committee in such manner as may be prescribed by the Board. No expenditure except payment of pension will be made out of pension fund. (3) No expenditure shall be incurred by a Market Committee on any item if there is no provision in the sanctioned budget thereof unless it can be met by re- appropriation from saving under any other head. The sanction for re-appropriation .may be obtained from the Director/Managing Director provided that in case of re-appropriation from minor heads under one major head, sanction for re- appropriation will not be required. (4) A Market Committee at any time during the year for which any budget has been sanctioned, cause a revised or supplementary budget to be passed and sanction in the same manner as if it were an original bugget. (5)' The Market Committee shall make provision in its budget for crediting the amount into the permanent fund at the rate of twenty percent of its gross receipt comprising of license fee and market fee and to the pension fund as prescribed form time to time by the Director/Managing Director. No expenditure from the permanent fund shall be incurred except with the prior approval or as per direction given by the Director/ Managing. Director. No expenditure from this fund or from amount as provided under sub- section (2) of Section 58 shall be proposed in the budget referred to in sub - section(1), (6) The Director/Managing Director/Board while according sanction for construction work may at his discretion, direct that the execution of the works shall be entrusted -35- Appointment of Managing Director, Officers and employees of the Board Term of Officer of non official member of the board (vii) One representative from processing unit from Private Sector established in the State. (viii)One representative among the Chairman of the Market Committees.