(1) Subject to such terms and conditions and such fee, as may be prescribed, the State Government or any officer authorized by it in this behalf may grant a license for such period to a person to establish a private market yard for trading of any or all notified agricultural produce.
(2) The owner of the private market yard, referred to in sub-section (1) shall neither be permitted himself for sale or purchase of agricultural produce in the private market yard so developed and managed by him nor any other person shall do so on his behalf, as the case may be.
(3) Save as otherwise provided in this Act, the owner of the private market yard or its management committee, by whatever name called, referred to in sub-section (1) shall perform such functions and duties of the Market Committee, as may be prescribed and under the overall supervision of the State Government or any officer authorised by it in this behalf.
(4) The private market yard licensee may register commission agents and other market functionaries to operate in the licensed private market yard.
(5) Any dispute concerning private yards shall be referred to the State Government or any officer authorised by it in this behalf and the decision thereon shall be final.