(1)Subject to the provisions of section 19, the market committee fund may be applied for the following purposes only, namely:—
(i) the acquisition of a site or sites for the market;
(ii) the maintenance and improvement of the market;
(iii) the construction and repair of buildings necessary for the purpose of such market and for the health, convenience and safety of the persons using it;
(iv) payment of pay, pension, leave allowance, gratuity, compensation for injuries resulting from accidents, compassionate allowance and contributions towards leave allowance, pension or provident fund of the officers and other employees of the market committee;
(v) the payment of interest on loans raised and the provision of a sinking fund in respect of such loans;
(vi) the construction, repair and maintenance of the means of communication for the market;
(viz) such travelling and other allowances of the members of the market committee as may be prescribed;
(viii) any other purposes which the State Government may notify by a special order.
(2) The market committee fund shall be operated by the Chairman jointly with the Secretary or another member of the market committee and the accounts thereof shall be kept and audited in such manner as may be prescribed.