(1) Subject to any rules made by the Government under Section 52, the Board may, with the previous sanction of the Government, make regulations for regulating its business and for such other matters relating to the regulation of markets.
Provided that where the Board fails to make regulations under this subsection within one month from the date of its establishment, the Government may make such regulations as they think fit and the regulations so made shall be deemed to be regulations made by the Board and may be amended or varied by the Government or, with their previous sanction, by the Board
(2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely;-
(a) the summoning and holding of meetings of the Board, the time and date when such meetings are to be held, the conduct of business at such meetings and the number of persons necessary to form a quorum thereat:
(b) the powers and duties of the officers and servants of the Board
(c) the management of the property of the Board
(d) the execution of contracts and assurances of property on behalf of the Board.
(e) the maintenance of accounts and the preparation of balance sheet by the Board.
(f) the procedure for carrying out the functions of the Board under this Act;
(g) any other matter for which provision is to be or may be made in regulation.
(3) Subject to any rules made by the Government under Section 52, the market committee may, with the previous sanction of the Board, in respect of the notified area for which it was established, make by-laws for the regulation of the business and the conditions of trading therein and for such other matters relating to the day to day regulation and administration of markets including market and other charges:
Provided that where a market committee fails to make by-laws under this sub-section within one month from the date of its establishment, the Board may make such by-laws as it thinks fit and the by-laws so made shall be deemed to be by-laws made by the market committee and may be amended or varied by the Board or, with its previous sanction, by the market committee.
(4) Any regulation or by-law made under this section may provide that any contravention thereof shall be punishable with fine which may extend to three hundred Rupees,