Effect of denotification or exclusion of market area.

(1) Where a market area ceases to be a market area,— (a) any market established therein shall cease to be a market, and (b) the market committee or committees established for the market area shall stand dissolved and the following consequences shall ensue, namely:- (i) the members of the committee or committees shall vacate their office; (ii) the unexpended balance of the Market Committee Fund and other property and liabilities of the market committee shall vest in the State Government : Provided that the State Government shall not be liable to discharge the liabilities so vesting in so far as the same exceed the unexpended balance of the Market Committee Fund and the value of the property vesting in the State Government. (2) Where any area is excluded under section 6 from a market area for which a market committee has been established and such area is not included in any other market area or declared to be a market area so much of the Market Committee Fund and other property vesting in the market committee as the State Government may by order in writing direct shall vest in the State Government. (3) The State Government shall credit to the State Agricultural Produce Markets Fund such sum as in its opinion represents the fund and property vesting in it under sub-section (1) or (2).