Chapter V Chapter V

All moneys received by a market committee shall be paid into a fund to be called “the Market Committee Fund” and all expenditure incurred by the market committee under or for the purposes of this Act shall be defrayed out of the said Fund. Any surplus remaining with the market committee after such expenditure has been met shall be invested in such manner as may be prescribed in this behalf.

Subject to the provisions of section 32, the Market Committee Fund shall be expended for the following purposes, namely :— (1) the acquisition of a site or sites for the market; (2) the maintenance and improvement of the market; (3) the construction and repair of buildings necessary for the purposes of such market and for the health, convenience and safety of the persons using it; (4) the provision and maintenance of weights and measures; (5) the pay, pensions, leave allowances, gratuities, compensation for injuries resulting from accidents, compassionate allowances and contribution towards leave allowances, pension or provident fund of, and loans not exceeding Rs. 2,000 in the aggregate to, the officers and servants employed by it; (6) the expenses of and incidental to elections; (7) the payment of interest on loans raised for the purposes of the market and the provision of a sinking fund in respect of such loans; (8) the collection and dissemination of information regarding matters relating to crop statistics and marketing of the agricultural produce notified under section 6; (9) payment of contribution to the State Agricultural Produce Markets Fund; (10) propaganda in favour of agricultural improvement; (11) Payment of allowances and travelling expenses to the members of the market committee and sub-committees; and (11A) donation of an amount note exceeding twenty per cent. of the Market Committee Fund (excluding the loans and funds raised or obtained for any specific purpose) for the charitable purpose within the meaning of section 2 of the Charitable Endowments Act, 1890 with the previous approval of the State Government and subject to such conditions, as it may impose; and.’’ (12) such other purposes under this Act as may be prescribed.