(1)The Market Committee may, through a resolution duly passed by it in this behalf through the Director for obtaining loans, subsidies and grant-m-aids from the Government or State Agricultural Marketing Board or other Agency or other Market Committee as may be necessary for the management, improvement and development of the market yards, acquisition of lands or buildings or repairs to buildings or any type of constructions, setting up of grading units and in general for the development of marketing facilities in the market area .Provided that in case of State Marketing Board and other Market Committees, the application shall be in Form XIV.(2)The Director shall, after such enquiries as may be considered necessary forward the proposals received under sub-rule (1) to the State Government or the State Agricultural Marketing Board or other Agency or other Market Committees as the case may be with his recommendations.(3)The State Government or the State Marketing Board or other Agency or other Market Committees as the case may be, where it is satisfied sanction such loans, subsidies and grant-in-aids as may be deemed necessary :Provided that in getting the sanction of the loan from the State Agricultural Marketing Board, or other Agency or other Market Committee previous approval of State Government shall be obtained in accordance with Section 24 :Provided further that the loans shall be advanced against the property of the Market Committee except where specifically exempted by the State Government in case of loans for meeting the cost of management of the Market Committee in the initial stages.(4)Each loan under sub-rule (3) shall form first charge on the income of the Market Committee and shall be repayable in such instalment and shall carry interest at such rate or rates as may be fixed by the Government or the State Agricultural Marketing Board or other Agency or other Market Committee in each case.(5)Deferred payments and unpaid balances, if any, shall be realised from the Market Committee in such manner and shall bear such enhanced rates of interest as the State Government or the State Agricultural Marketing Board or other Agency or other Market Committee may lay down at the time of sanctioning the loan.(6)The Director shall require the Market Committee to deposit in the Government Treasury each instalment of the loan advanced under sub-rule (3) along with interest, as and when it falls due under the terms and conditions of the Government loan.(7)In case of giving the loan by the Board or other Agency or other Market Committee the instalments shall be deposited at such institutions as pointed out by the Board or other Agency or other Market Committee.(8)Where the Director feels that any part of the loan advanced under sub-rule (3) is not easily recoverable from the Market Committee, State Government will be moved for recovery of the said loan.(9)The State Government may, on receipt of a report from the Director under sub-rule (8), order the recovery of the entire amount due from the Market Committee as arrears of land revenue under the Act.(10)The Market Committee shall maintain a register showing the receipt of the loan, the repayment thereof and payments of interest paid, etc.Chapter-IV Budget
