Section 3 in The Punjab New Mandi Townships (Development and Regulation) Act, 1960
3. Power of State Government to declare New Mandi Township and to transfer land and building therein.
(1)The State Government may, from time to time, by notification in the official gazette, declare any area to be a new mandi township for the purposes of this Act to be known by such name as may be specified in the notification.(2)[Subject to the provisions of this section, the State Government may sell, lease or otherwise transfer, by auction, allotment or otherwise, any land or building belonging to or [vested in the State Government, Punjab Agricultural Marketing Board or Market Committee as the case may be] [Substituted vide Punjab Act 16 of 1981.] in any new mandi township on such terms and conditions as it may, subject to any rules that may be made under this Act, deem fit to impose.] [Substituted for the words 'vested in the State Government' by Punjab Act 11 of 2001.](3)The consideration money for any transfer under sub-section (2) shall be paid to the [State Government, Punjab State Agricultural Marketing Board or Market Committee as the case may be] [Substituted for the words State Government vide Punjab Act 11 of 2001.] in such manner, in such instalments and at such rate of interest as may be prescribed.(4)Notwithstanding anything contained in any other law for the time being in force, until the entire consideration money together with interest or any other amount, if any, due to the [State Government, Punjab State Agricultural Marketing Board or Market Committee as the case may be] [Substituted for the words State Government vide Punjab Act 11 of 2001.] on account of the transfer of any site or building, or both, under sub-section (2) is paid, such site or building, or both, as the case may be, shall continue to belong to the [State Government, Punjab State Agricultural Marketing Board or Market Committee as the case may be] [Substituted for the words State Government vide Punjab Act 11 of 2001.].
