Market Committee Fund

General2022140 sections12 chapters

Chapter VIII BUDGET AND MARKET COMMITTEE FUND

Statutory text

(1) Save as provided in sub-section (2) all money received by a Market Committee shall be paid in to 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.
(2) Any money received by the Market Committee by way of arbitration fee or as security for costs in arbitration proceedings relating to disputes or any money received by the committee by way of security deposit, contribution to provident fund or for payment in respect of any notified agricultural produce including livestock, or charges payable to market functionaries as required and such other money received by the Market Committee may be provided in the Rules or Bye-laws, shall not form part of Market Committee Fund, and shall be kept in such manner as may be prescribed.
(3) Save as otherwise provided in this Act, the amount to the credit of the Market Committee Fund and also other money received by the Market Committee shall be kept in a scheduled nationalized cooperative banks or in the nationalized bank or post office saving bank or in any other mode with the approval of the Managing Director.

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