Amendment status not verified — confirm the current text below against the official source.
(1) For every market committee, there shall be a fund to be called the Market Committee Fund to which shall be credited all income derived by the market committee from fees for the issue or renewal of licences under section 22 and all other moneys received by the market committee from any source whatsoever including rents or any donation or con- tribution from a private person and all expenses incurred by the market committee for the purposes of this Act shall be paid out of the said fund. (2) Any surplus remaining in the Market Committee Fund after meeting all expenditure under sub-section (1) shall be. invested in such manner as may be prescribed. The West Bengal Markets Regulation Ad, 1968. 9 28 of 1968.] (2) Where the State Government directs a market com- mittee to establish any market, the State Government may acquire any land which, in its opinion, is needed for the purposes of such market under the provisions of the Land I of 1894. Acquisition Act, 1894, or'any other corresponding law for the time being in force. (3) Any land acquired under sub-section (2) shall be transferred by the State Government to the market committee on payment by the market committee of the compensation awarded in accordance with the law under which such land is acquired and of all other charges incurred by the State Governnent on account of the acquisition, within such period and in such manner as the State Government may, by order, determine and on being so transferred, such land shall vest in the market committee. (4) A market committee shall maintain and manage any market established by it under this section in accordance with such directions as the Director, in Calcutta and, in any other place, the District Magistrate may, from time to time, issue in this behalf. Dissolu- tion of market committee. Market Committee Fund. 10 The West Bengal Markets Regulation Act, 1968. [President's Act (d) acquisition of a site or sites for any market to be established by the market committee and construc- tion, repair, maintenance and improvement of any buildings or other structures necessary for the purposes of such market; (e) construction, repair, maintenance and improvement of any buildings or structures 'for the office of the market committee or necessary for carrying out any other purposes of this Act; (f) maintenance of sets of standard weights and standard measures referred to in section 18; (,g) collection, furnishing, publication and dissemination of statistics, information and other instructions referred to in section 18; (7) meeting all other expenditure incurred by the market committee under• or for the purposes of this Act. (4) The Market Committee Fund shall be operated by the President jointly with the Secretary or another member of the market committee and the accounts thereof shall be kept and audited in such manner as may be prescribed. Licence for sellers and purchasers for resale of articles, etc., in markets.