Consequences following supersession or dissolution.

When an order or supersession or dissolution is passed under section 36, the following consequences shall ensue, namely:- (a) all the members as well as the president of the market committee shall, from the date of such supersession or dissolution, be deemed to have vacated their offices as such. (1) all assets vested on such committee shall, during the period of supersession or dissolution, vest in the State Government subject to all its liabilities. (2) On the expiration of the period of supersession specified in the order, State Government may - (a) extend the period of supersession for such further term as it may consider necessary but not exceeding a period of one year at a time; or (b) reconstitute the market committee: Provided that the State Government may at any time before the expiration of the period of supersession, take action under clause (b) of this sub-section. (3) On the reconstitution of the market committee under sub-section (2), the Government shall transfer all assets and liabilities of the market committee as on the date of such transfer to the new market committee.