Chapter V MARKET FUND, FINANCE, ACCOUNTS AND AUDIT ETC.

1. (1) All money received by a committee under this Act, including all sums realized by way of licence fees, fines, penalties paid to or levied under this Act (other than fines imposed by any Court), all proceeds of land or other property sold by committee, all rents or compensation accruing from land or property, all loans raised by a committee, and all grants, loans or contributions made by the State Government to a committee shall form part of a fund to be called "the Market Fund".
2. (2) The amount to the credit of the Market Funds shall be kept or invested in such manner as may be prescribed.

1. (1) The Market Fund may be expended for the following purposes, namely :-
   • (a) acquisition of the site or sites for the market ;
   • (b) maintenance, development and improvement of the market ;
   • (c) construction of, and repairs to, the buildings necessary for the purposes of such market and for the health and safety of persons using it ;
   • (d) providing common services, amenities and facilities for persons using the market ;
   • (e) pay, pension, leave and other allowances, gratuities, compensations for injuries resulting from accidents, compassionate allowances and contributions towards leave allowances, pensions and provident fund of the officers and servants employed by the committee ;
   • (f) payment of allowances and travelling expenses to the members of the committee, standing committee and sub-committee ;
   • (g) payment of an honorarium to the Chairman and Vice-Chairman ;
   • (h) payment of interest on loan, if any, raised by the committee and the provision for sinking fund for such loan ;
     • (i) collection and dissemination of information in respect of production, sale, purchase, storage, processing, prices and movement of commodities ;
   • (j) cost of audit, if any, incurred under section 42 ;
   • (k) carrying out other functions laid down by or under this Act ;
   • (l) for any other purpose, with the previous approval of the State Government.
2. (2) It shall be lawful for the committee also to incur, with the previous approval of the State Government, expenditure on works of installations outside the market yard, provided such a proposal is in furtherance of the object of giving effect to any provisions of this Act and is approved by one half of the total number of members of the committee.

1. (1) Subject to the provisions of rules made under sub-section (2) of section 38, the committee may by by-laws made for the purpose, constitute special funds and credit to such funds such portions of the Market Fund as may be determined by such by-laws. Such special funds may include,-
   • (i) a Depreciation Fund ;
   • (ii) a Provident Fund ;
   • (iii) a Pension Fund ;
   • (iv) an Employees Welfare Fund ;
   • (v) a General Reserve Fund.
2. (2) Every such fund shall form part of the Market Fund and shall be held and applied by the committee for the purposes for which such fund has been constituted.

A committee may, with the previous approval of the State Government, borrow, on the security of any immovable property vested in the committee or proposed to be acquired by it under this Act, any moneys for carrying out the purposes of this Act or for servicing any loan obtained by it, at such rates and on such conditions as the State Government may determine at the time the moneys are borrowed.

1. (1) A committee shall keep accounts in such form and in such manner as it may, by by-laws made in this behalf, determine.
2. (2) The accounts of the committee shall be audited by Chief Auditor, Local Funds Accounts or by any other auditor appointed by the committee, with the previous approval of the State Government.
3. (3) The State Government may, if it thinks necessary, appoint a special auditor to audit the accounts of a committee.
4. (4) The auditor or the special auditor, as the case may be, shall submit his report to the committee and shall forward a copy thereof to the Metropolitan Commissioner and the State Government.
5. (5) The cost of the audit under sub-section (2) or (3), if any, shall be borne by the committee.

1. (1) The Chief Executive Officer shall prepare, every year, in such form as the committee may by by-laws made for the purpose determine, an annual budget estimate in respect of the financial year next ensuing showing the estimated receipts and disbursement or income and expenditure of the committee, the estimated opening and closing balance of the Market Fund and special funds, if any, and shall submit it to the committee before the thirty-first day of January for approval.
2. (2) The committee shall adopt the budget estimate with such modifications as it may consider necessary by the first day of March.
3. (3) The Chief Executive Officer shall before the fifth day of March forward to the Metropolitan Commissioner for his approval copies of the budget prepared by him and the budget approved by the committee.
4. (4) If the committee for any reason, fails to adopt the budget by the first day of March, the Chief Executive Officer shall, before the fifth day of March, submit the budget prepared by him to the Metropolitan Commissioner for approval.
5. (5) The Metropolitan Commissioner shall approve the budget with such modifications as he may consider necessary before the 31st day of March.
6. (6) The Chief Executive Officer shall forwards a copy of an approved budget to the State Government.

The committee may, subject to by-laws, if any, sanction reappropriations within the budget approved under section 43. A copy of statement of such reappropriation shall be submitted to the Metropolitan Commissioner and the State Government : Provided that, no such reappropriation shall be done from the amounts earmarked for the repayment of any loan or the payment of the interest on any loan and towards contribution to any fund or funds constituted under section 40.

All property and Market Fund and all other assets belonging to, or vesting in, the committee shall be held and applied by it, subject to the provisions, and for the purposes of this Act.

1. (1) The committee shall cause to be prepared each year an annual report consisting of-
   • (i) a statement of receipts and disbursement for the previous year ;
   • (ii) a statement of operation of the Market Fund including the special funds, if any, constituted under section 40 during the previous year ; and
   • (iii) a report of its activities during the previous year ; and submit the report to the State Government through the Metropolitan Commissioner before the thirtieth June.
2. (2) The annual report shall be laid before each House of the State Legislature, as far as possible before the expiry of the year next succeeding the year to which it relates.