Section 38(3) in The Assam Agricultural Produce Market Act, 1972
(3)If the State Government make an order for reconstitution of the market committee under sub-section (2) it shall transfer the assets and liabilities of the market committee as on the date of such transfer to the new market committee constituted as such or to the person or persons if any appointed for carrying out the functions of the market committee, as the case may be:Provided that if the market committee is not reconstituted or if no person is appointed for carrying out the function of the market committee the State Government may transfer all the assets of the market committee which remain after the satisfaction of all its liabilities to the local authority within whose jurisdiction the market committee is situated or if there are more than one such authority, such portion of the assets as the State Government may determine. The local authority to which the assets are so transferred shall utilise the same in the area within its jurisdiction, for such objects as the State Government may consider to be for the benefit of the agriculturist in that area in consonance with the provisions of this Act.
