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 NA atsoever including rents or any donation or contribution from a private person and all expenses in- curred 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. (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 contri- butions 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; (e) 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; (d) acquisition of a site or sites for any market to be estallished by the market committee and con- struction, 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 oui4 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: (h) 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. Market Committee Fund. L970. est gen. Act The West Bengal Markets Regulation Act, 1970. V11 of 1970.] (Sections 22, 23.)