Notification of intention to alter limits of or to split up market area to de-establish a market

(1) The State Government may, by notification, declare its intention -- (a) to alter the limits of a market area by including within it any other area in the vicinity thereof or by excluding therefrom any area comprised therein; or (b) to amalgamate two or more market areas and constitute one Committee thereof; or (c) to split up a market area and to constitute two or more Committees thereof; or (d) to de-establish a market. (2) Every notification issued under sub-section (1) shall define the limits of the area to be included in or excluded from a market area, or of the market area to be amalgamated into one, or of the area of each of the markets to be de-established, as the case may be, and shall also specify the period which shall not be less than six weeks from the date of publication of the notification within which objections or suggestions, if any, may be received by the State Government. (3) Any person likely to be affected by the notification issued under sub-section (1) may, submit his objections or suggestions in writing to the State Government within the period specified in the notification. (4) Objections and suggestions received under sub-section (3) within the stipulated period shall be considered and decided by the State Government and thereafter the State Government may, by notification,- (a) include the area or any part thereof in the market area or exclude it therefrom; (b) constitute a new Committee for the market area amalgamated; or (c) split up an existing market area and constitute two or more Committees for such areas, as the case may be; or (d) to de-establish a market. (5) Where a notification under Sub-Section (4) has been issued excluding any area from the market area and including such area in other market area, the State Government shall, after consulting the Board and the Committee concerned frame a scheme to determine what portion of the assets and other properties vested in one Committee shall vest in the other Committee and in what manner the liabilities of the Committees shall be apportioned between the two Committees and such scheme shall come into force on the date of publication of the scheme in the Official Gazette.