(1) Subject to the provisions of this Act and the Rules made thereunder, a Market Committee may, in respect of a principal market yard and sub market yard under its management, make Byelaws for
(i) the regulation of business of the Market Committee;
(ii) the condition of trading in a principal market yard and sub market yard ;
(iii) delegation of powers, duties and functions to the officers and servants, appointment; pay, punishment, pensions, gratuities, leave, leave allowances, contributions by them to any provident Fund which may be established for the benefit of such officers and servants and other conditions of service;
(iv) the delegation of powers, duties and functions to a sub committee, if any;
(v) market functionaries, other than traders, who shall be required to take licence;
(vi) enabling and regulating provisions relating to etrading and activities and services incidental thereto ;
(vii) any other matters for which Byelaws are to be made under this Act or it may be necessary to frame Bye laws for effectively implementing the provisions of this Act and the Rules made thereunder.
(2) No Byelaws under subsection (1) shall take effect until it has been confirmed by the Director or Managing Director.
(3) In making any Byelaws, the Market Committee may direct that a breach thereof shall be punishable with fine which may extend to two thousand rupees and where the breach is a continuing one with further fine which may extend to two hundred rupee for every day after first during which the breach is provided to have been persisted in.