(1) There shall be formed a separate fund to be called the “Market Dev elopement Fund”
(2) The Board shall contribute to the Market Development Fund such percentage of its annual receipts as may be prescribed.(50% Rule:85)
(3) The Board shall transfer the entire money borrowed or any other amount obtained under sub-section (2) of section 40 to the Market Development Fund.
(4) The Board may accept towards the Market Development Fund any grant, subsidy, donation or gift from the Central or State Government of a local authority or any individual or body, whether incorporated or not, for all or any of the purposes for which the said Fund shall be expended.
(5) All moneys received and forming part of the Market Development Fund shall be credited into the said fund. All expenditure for carrying out all or any of the purposes specified in sub-section (7) shall be defrayed from out of the said Fund and any surplus remaining after such expenditure has been met, shall be invested in such manner as may be prescribed.
(6) The Market Development Fund shall be operated upon by such officer of the Board as may be authorized by it in this behalf.
(7) The Market Development Fund shall be expended for all or any of the following purpose, namely:-
(a) acquisition of site or sites for the Board.
(b) construction of and repairs to, buildings necessary for the purposes of the Board;
(c) payment towards propaganda, demonstration and publicity for promotion of regulated markets for agricultural produce;
(d) market research, special studies, preparation of project reports relating to agricultural marketing;
(e) collection and dissemination of information regarding matters relating to crop statistics and marketing in respect of notified agricultural produce;
(f) schemes for processing, grading and standardization of agricultural produce;
(g) giving aid to market committees in the shape of loan, grant or subsidy;
(h) payment of interest on loans or borrowings that may be raised;
(i) payment of legal expenses incurred by the Board.
(j) training of the paid officers and servants of the Market committees and Board;
(k) imparting education in marketing of agricultural produce;
(l) organising or arranging workshops, seminars, exhibitions, etc., on development of marketing;
(m) construction of infrastructural facilities in the notified market area;
(n) general improvement of regulation of marketing in the State;
(o) providing technical assistance to the market committees; and
(p) for any other purposes deemed necessary for execution of the functions assigned to the Board under this Act or as directed by the Government.
CHAPTER IV.
MISCELLANEOUS