Section 35(3) in The Punjab Agricultural Produce Markets Act, 1961
(3)(a)When the State Government has made an order under clause (c) of sub-section (2), the assets and liabilities defined in clause (b) of sub- section (2) vesting in the Board at the date of such order shall be deemed to have been transferred on the date of such order to the new Committee or authority constituted as aforesaid.(b)(i)Where the State Government by order under clause (c) of sub- section (2) has appointed an authority other than a new Committee for the carrying out of the functions of the superseded Committee the State Government may, by notification, determine the period not exceeding one year for which such authority, shall act :Provided that the term of office of such authority may be terminated earlier, if the State Government for any reason consider it necessary.(ii)At the expiry of the term of office of such authority a new Committee shall be constituted.(iii)Upon such an order being made the assets and liabilities vesting in the authority thereby superseded, shall be deemed to have been transferred by such order to the new Committee.
