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38. Market committee fund.- (1) All moneys received by a market committee shall be paid into a fund to be called, " The Market Committee Fund" and all expenditure incurred by the market committee under or for the purposes of this Act shall be defrayed out of the said fund. Any surplus remaining with the market committee after such expenditure has been met, shall be invested in such manner as may be prescribed:
Provided that all such sums of money received by the market committee as security deposit, contributions to Provident Fund or for payment in respect of any notified agricultural produce, or charges payable to weighman, hammal and other functionaries shall not form part of market committee fund but shall accounted for separately.
(2) all moneys in the market committee fund and other sums specified in sub-section (1) shall be deposited in a Co-operative Bank or if such Bank does not exist at the headquarters of the market committee , in Post Office Savings Bank or any Bank specified in the First Schedule to the Banking Companies ( Acquisition and Transfer of Undertakings) Act, 1970 (No. 5 of 1970), as a corresponding new bank.
39. Application of market committee fund.- Subject to the provisions of section 38, the market committee fund may be expended for the following purposes only, namely:
(i) the acquisition of a site or sites for the market yards;
(ii) the maintenance and improvement of the market yards;
(iii) the construction and repairs of buildings necessary for the purposes of the market and for convenience or safety of the persons using the market yard;
(iv) the maintenance of standard weights and measures.
(v) the meeting of establishment charges including payments and contributions towards provident fund, pension and gratuity of the officers and servants employed by a market committee;
1. This word was omitted by M.P. 18 of 1979 and again inserted by M.P. 24 of 1986 [21.7.86]
2. Ins. by M.P. 15 of 2003[28.4.03]. Page 474(6), 474(7)
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