Vesting of property etc., of disolved market committee in new market committee.

(1) When under sub-section (1) of section 54 a new market committee has been constituted, there shall be transferred to it such portion of the dissolved committee’s market fund and other property and debts and obligations as the State Government may by order in writing direct. (2) The rights and liabilities of the dissolved market committee in respect of civil and criminal proceedings, contracts, agreements and every other matter or thing arising in or relating to any part of the area subject to the authority of the new market committee shall vest in the new market committee. (3) Any notification, notice, fee, order, scheme, licence, permission, bye-law or form, made, issued or imposed by the market committee which has been dissolved, in respect of any part of the area subject to the authority of the new market committee, shall be deemed to have been made, issued or imposed by the new market committee unless and until it is superseded by any notification, notice, fee, order, scheme, licence, permission, rule, bye-law or form, made, issued or imposed by it.