(1) Every market committee shall be a body corporate by such name as the State Government may specify by notification in the official Gazette. It shall have perpetual succession and a common seal and may sue and be sued in its corporate name and shall be competent to acquire, hold lease, sell or otherwise transfer any property and to contract and to do all other things necessary for the purpose for which it is established.
(2) Where a market committee is established in any area, no person shall function as a trader, commercial agent, broker, weightman, measurer, surveyor warehouseman or in any other capacity as the Board may determine within any market area under this act unless a licence is granted to such person by the market committee on payment of such fees and subject to such conditions as may be prescribed.