(1) The State Government may, from time to time, by notification in the Official Gazette, declare any area to be a new mandi township for the purposes of this Act, to be known by suchname as may be specified in the notification.
(2) The State Government may, sell, lease or otherwise transfer, by auction, allotment or otherwise, any land or building belonging to or vested in the State Government in any new mandi township on such terms and conditions as it may, subject toany rules that may be made under this Act, deem fit to impose.
(3) Any amount due to the State Government on account of the sale, lease or transfer of any site or building undersub-section(2) shall be a first charge on that site or building, and notwithstanding anything contained in any other law for thetime being in force, no transferee shall be entitled to sell, mortgage or otherwise transfer any right, title or interest in the site orbuilding transferred to him under sub-section(2) except by way of a lease from month to month (by the plot holders) until the amount mentioned as first charge under this sub-sectionhas been paid in full.