Market Committee Fund

General196637 sections

Statutory text

(1) All moneys received by a market committee shall be paid into a fund to be called. The Market Committee Fund and the said Fund shall be deposited, in a single banking account with nearest Government treasury, or with the sanction of the Government, in a Bank. All expenditure incurred by the market committee under or for the purposes of this Act shall be defrayed out of the said Fund; and any surplus remaining after such expenditure shall be invested in such manner as may be prescribed. (2)
- (a) Every market committee shall, out of its fund, pay to the Government the cost of any special or additional staff employed by the Government in consultation with the market committee in the notified area for giving effect to the provisions of this Act.
- (b) The Government shall determine the cost of such special or additional staff and shall, where the staff is employed for the purposed of more than one market committee, apportion such cost among the market committees concerned in such manner as the Government think fit. The decision of the Government in determining the amount payable by any market committee shall be final.
(3) A market committee may grant loans to another market committee out of its surplus funds and with the previous sanctions of the Government at such rates of interest as may be prescribed.

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