Power to make bye-laws.

(1) Subject to any rules made by the Government under section 39 and with the previous sanction of the Director, a market committee may, in respect of the notified area for which it was established, make bye-laws for the regulation of the business and the conditions of trading therein: Provided that where a market committee fails to make bye-laws under this sub-section within one month from the date of its establishment, the Director may make such bye-laws as he thinks fit and the bye-laws so made shall be deemed to be bye-laws made by the market committee and may be amended or varied, by the Director or, with his previous sanction, by the market committee. (2) Any bye-law made under this section may provide that any contravention thereof shall be punishable with fine which may extend to fifty rupees.