Alteration of market area, etc.

(1) The Government may, by notification, with effect on and from such date as may be specified in the notification, (a) include any area in, or exclude any area from, any market area ; (b) divide any market area into two or more separate market areas ; (c) amalgamate two or more market areas into one market area ; (d) declare that the wholesale trade of any specified commodity in any market area shall cease or that the wholesale trade of any specified commodity hitherto not carried on shall be carried on in any market area : provided that the power conferred by this section shall, in relation to any market area or specified commodity, be subject to the provisions of sections 3 and 4. (2) When the limits of the market area for which a market committee is established are altered under sub-section (1), the Government may, by notification and from such date as may be specified in the notification, direct that, (a) the market committee shall stand dissolved and its members shall vacate their offices as such members : (b) a new market committee shall be established and constituted for the new market area in accordance with the provisions of sections 5 and 8 ; (c) the licence, if any, granted by the dissolved market committee shall be deemed to have been granted by the new market committee having jurisdiction and shall continue to have effect accordingly for the remainder of the period for which it was granted; (d) there shall be transferred to the new market committee such portion of the dissolved market committee's funds and other assets, debts and obligations as the Government may, by order, direct and the rights and liabilities of the dissolved market committee in respect of civil, and criminal proceedings, contracts, agreements and every other matter or thing arising in, or relating to, any part of the market area within the jurisdiction of the new market committee, shall vest in the new market committee.