Section 16: Establishment of Market Committee and its Incorporation

(1) For every Market Area there shall be a Committee to be called the Market Committee which shall have jurisdiction over entire Market Area. (2) Every Market Committee shall be a body corporate by such name, as the State Government may, by notification, specify having perpetual succession and a common seal and shall sue and be said in its corporate name and shall, subject to such restriction as are imposed by or under this Act, be competent to contract and acquire, lease, sell or otherwise transfer any property and to do all other things necessary for the purpose for which it is established. (3) Notwithstanding any thing for the time being in force, every market committee shall be deemed to be a local authority for the purposes of The Land Acquisition Act, 1894,(Act No. 1 of 1894) and any other law for the time being in force; Provided that the Committee shall not transfer any immovable property except in accordance with a resolution duly passed in any of its meetings by a majority of not less than three- fourth of the total number of its members and with the previous approval in writing of the Board.