Amendment status not verified — confirm the current text below against the official source.
(1) A Market Committee may, with the previous sanction of the State b0r1-0~ & Government, raise money required for carrying out the purposes for which it land. is established on the security of any property vested in it and of any fees leviable by it under this Act. (2) A Market Committee may, for the purposes of meeting the expenditure on lands, building and equipment, required for establishing the market, obtain loan from the State Government on such term and condition as that Government may determine. (3) A Market Committee may with the previous approval of the State Government, obtain loans from other Market Committees or any financial Institution or give loans to other Market Committee on such conditions, and subject to such rules. as may be made. Execution of 28. (1) Every contract entered into by a Market Committee shall be in contracts. writing and shall be executed on behalf of the Committee by the President and the Secretary of the Committee. (2) No contract, other than a contract executed as provided in sub- section (I), shall be binding on the Market Committee. CHAPTER IV OFFICERS AND SERVANTS OF MARKET COMMITTEE : Power of