(1) Every market committee may, with the previous sanction of the Government, raise the money required for carrying out the purposes for which it is established on the security of any property vested in, or belonging to, the market committee and of any market fee leviable by the market committee under this Act. The market committee may, for the purpose of meeting the initial expenditure on lands, buildings and equipment required for establishing the market obtain a loan from the Government.
(2) The conditions under which such money or loan shall be raised and the time within which the same shall be repayable shall be subject to the previous sanction of the Government.
Power to write off irrecoverable fee, market fee, etc.
24. A market committee may write off any fee, market fee or other amount whatsoever due to it. Whether under a contract or otherwise, or any sum payable in connection therewith, if in its opinion, such fee, market fee or other amount is irrecoverable:-
Provided that the market committee shall, before writing off any such fee, market fee or amount obtain the sanction of –
(i) the Director, if the fee, market fee or amount exceeds one hundred rupees, but does not exceed such amount as may be prescribed; and
(ii) the Government, if such amount exceeds the amount so prescribed.
Recovery of sums due to Government from market committee.
25. Subject to such rules as may be prescribed the Government may recover all sums due from the market committee in the same manner as arrears of land revenue.
16 Liability of Chairman, Vice-Chairman and members for loss, waste or misapplication of property.