Section 10A in Karnataka Silkworm Seed Cocoon and Silk Yarn (Regulation of Production, Supply, Distribution and Sale) Act, 1959
10A. [ Establishment of Silk Exchange. [Subsection 1 and 2 inserted by Act 33 of 1979 w.e.f. 6.11.1979.]
(1)The Government may, by notification,-(a)specify the place or places at which the silk exchanges shall be located;(b)appoint for each silk exchange, a Silk Market Officer [to levy and collect the market fee payable in respect of silk yarn sold or purchased in the silk exchange] and constitute a committee consisting of four representatives of reelers, two representatives of twisters and two representatives of traders with the Silk Market Officer as Chairman for regulating generally the procedure for the conduct of business in the silk exchange and for the performance of such functions as may be prescribed.(2)All transactions involving sale or purchase of silk yarn in a silk exchange shall be by open auction, the payment of price shall be in cash and the silk yarn shall be sold by metric weight.](3)[ Subject to the pleasure of the Government the members of the committees constituted under clause (b) of sub-section (1), shall hold office for a period of one year.] [Inserted by Act 12 of 1980 w.e.f. 6.11.1979.]
