Definition of State

(1) Every contract or agreement entered into by a Market Committee for the purchase, sale, lease, mortgage or other transfer of, or acquisition of interest in immovable property shall, in writing, be executed on behalf of Market Committee jointly by its Chairperson, Vice-Chairperson and the Secretary, with the sanction of the Market Committee, as may be prescribed.

(2) No contract other than a contract executed as provided in sub-section (1) shall be valid and binding on the Market Committee.