(1)Where the licensing authority is of the opinion that the closure of a market, as a consequence of termination or suspension of the licence, may be detrimental to and cause great inconvenience to the members of the public, it may entrust the management of such market for such period as it may deem fit to a local body :Provided that the management shall not be so entrusted for a period exceeding three years.(2)Such local body as is entrusted with the management under this section shall be a licences of the market for all purposes :Provided that the net profits which accrue after taking into account all expenditure connected with the running of the market and bringing improvements therein shall be held in trust by the local body and transferred to the original licences after the cessation of the management of the market by the local body.
