Every member of a Market Committee shall be personally liable for the wilful misapplication of any funds to which he had been a party or which has happened through, or has been facilitated by gross neglect of his duty as a member, and may be sued for the recovery of the monies so misapplied as if such monies had been the property of the State Government:
Provided that, no member shall be personally liable in respect of any contract or agreement made or for any expenses incurred by or on behalf of the Market Committee, if the contract or agreement is made, or the expenses are incurred in good faith and in the due discharge of his duties; and the Market Fund shall be liable for, and be charged with all costs in respect of any contract or agreement and all such expenses.