Restriction on transfer of immovable property of market committee

(1) Notwithstanding anything contained in sub-section (2) of section 5, a market committee shall not, except with the concurrence of the local authority and the previous sanction of the Government, transfer by sale, lease, exchange, mortgage or otherwise any land or building vested in it or acquired by it and situated in the market area. (2) Subject to the provisions of sub-section (1), the market committee may dispose of by sale, lease, exchange, mortgage or otherwise any building, stall, shop, stand, enclosure or things attached to the land or permanently fastened to anything attached to the land, subject to such conditions and such limitations as may be determined by bylaws made in that behalf.