(1) Notwithstanding anything in the [Andhra Pradesh (TeIangana Area) Agricultural Market Act, 1339 Fasli], all contributions made by the Market committee constituted under that Act to the fund which was called the Central Market Fund and all expenditure incurred therefrom, before the commencement of this Act shall be deemed always to have been validly made and incurred as if such contributions and expenditure were expressly provided for in the said Act, and no such contribution or expenditure shall be questioned in any court of law on the ground that the said Act did not provide for such contribution or expenditure.
(2) The balance of the said fund, if any, outstanding at the commencement of this Act shall stand transferred on such commencement to the Central Market Fund formed under sub-section (1) of section 16 and shall for all purposes be deemed to form part of that Fund:
Provided that the said balance shall be administered and applied under sub-section (2) of section 16, only for the purposes of the market committees constituted for the notified areas within the territories specified in sub-section (1) of section 3 of the States Reorganisation Act, 1956.