(1) On the election or nomination of a new Chairman or Vice-Chairman, the outgoing Chairman or Vice-Chairman in whose place the new Chairman or Vice-Chairman has been elected or nominated shall forthwith hand over charge of his office to such new Chairman or Vice-Chairman, as the case may be.
(2) If the outgoing Chairman or Vice-Chairman fails or refuses to hand over charge of his office as required under sub-section (1), the Director or any officer empowered by the Director in this behalf may, by order in writing, direct the Chairman or the Vice-Chairman, as the case may be, to forthwith hand over charge of his office and all papers and property of the Market Committee, if any, in his possession as such Chairman or Vice-Chairman to the new Chairman or Vice-Chairman.
(3) If the outgoing Chairman or Vice-Chairman to whom a direction has been issued under sub-section (2) does not comply with such direction, the Director or any person authorized by him in that behalf may apply to the Executive Magistrate within whose jurisdiction the Committee is functioning for seizing and taking possession of papers, funds and property of the Committee in the possession of such Chairman or Vice-Chairman.
(4) On receipt of an application under sub-section (3), the magistrate may authorize any police officer, not below the rank of a Sub-Inspector, to enter and search any place where the records and property are kept or likely to be kept and to seize them and hand over possession thereof to the new Chairman or Vice-Chairman, as the case may be.