Amendment status not verified — confirm the current text below against the official source.
(1) If in the opinion of the State Government it is necessary so to do for the efficient regulation of markets in any area, the State Government may direct the market com- mittee having jurisdiction over such area to establish one or more markets in such area. (3) .Expenditure may be incurred from the Market Com- mittee Fund for the following purposes, namely : — (a) payment of pay, pension, leave allowances, gratuities, compensatory allowances and contribu- tions towards leave_ allowances, pension and provident fund of the officers and other employees employed by the market committee; (b) payment of interest on loans, if any, raised by the market committee for carrying out its functions under this Act and provision of a sinking fund for the purpose of repayment of such loan; (c) acquisition or taking on lease, of any premises or site for the office of the market committee or for carrying out any other purposes of this Act ;