Vesting of property of Local Authority in Market Committee

(1) The Market Committee may require a Local authority to transfer to it any land or building belonging to the Local authority which is situated within the market area and which, irnmediately before the establishment of the market was being used by the Local authority for the purposes of the market and the Local authority shall within one month of the receipt of the requisition, transfer the land and or building, as the case may be, to the Market Comrnittee on such terms as may be agreed between them. (2) Where within a period of thirty days from the date of receipt of requisition by the Local authority under sub- section (1) no agreement is reached between the Local authority and the Market Comrnittee under the said sub-section, the land or building required by tho Market Committee shall vest in the Market Committee for the purposes of this Act and the Local authority shall be paid such compen- sation as rnay be determined by the Collector under sub- section (5).