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[Cites 0, Cited by 1] [Section 4] [Entire Act]

State of Odisha - Subsection

Section 4(4) in The Orissa Agricultural Produce Markets Act, 1956

(4)Notwithstanding anything to the contrary contained in any law for the time being in force, the market committee may, after a notification issued under Sub-section (1), by requisition, require any Municipality or Grama Panchayat to transfer to it any land or building in possession of such Municipality or Grama Panchayat wholly of partly situated within the concerned in market area which immediately before the establishment of the market was being used by such Municipality or Grama Panchayat for similar purpose, and the Municipality or Grama Panchayat, as the case may be, shall within one month from the date of receipt of the requisition, transfer the land or building or both, as specified in the requisition to the market committee and the net income derived therefore by the market committee under Section 11 shall be shared equally by the market committee and the concerned Municipality or Grama Panchayat, every year:Provided that the share of the Municipality or Grama Panchayat in any one year shall not be less than eighty per cent of the average net income derived by it from land or building or both so transferred during the three years immediately preceding the transfer.Explanation - For the purpose of determining the net income, the expenditure on establishment, stationery and cost of maintenance on construction or forty per cent of the gross income, whichever is less, shall be deducted from the gross income.