Section 4 in Bihar Agriculture Produce Market (Repealing) Act, 2006
4. Assets and liabilities of the Board to vest in the State Government.
(1)On and from the date of coming into force of this Act, all assets, including moveable and immoveable owned, possessed or otherwise claimed to belong to the Board or the committee or samiti shall vest in the State Government. All liabilities including statutory and non-statutory, secured or unsecured shall be the liability of the State Government.(ii)Immediately after coming into force of this Act,'Administrator and Special Officer shall take possession of all the assets immovable including land, building and such other assets which is owned or possessed by the Board or the committee or over which Board or Committee has a legal claim.'Administrator' or the 'Special Officer' as the case may be shall take custody of all moveable including liquid assets in Banks, Post Office, or wherever it is kept, cash in hand etc. They shall take possession of other movable assets including vehicles, equipments, plants, furnitures etc.(iii)Immovable and moveable assets in possession of 'Administrator' or 'Special Officer as the case may be shall remain in their possession for and on behalf of State Government.(iv)Administrator shall be competent to issue such direction as is deemed necessary and expedient to secure safe possession of immovable and movable assets and such direction shall be binding on the special officer and all others.(v)The State Government may issue such direction, order, instructions as is deemed necessary and expedient to maintain security and safety of assets or to prevent any kind of injury, damage or dissipation of assets and such direction, order or instruction shall be binding on all concerned including Administrator and Special Officer.(vi)All immovable assets of the Board or the Committee shall be utilized only for agriculture and farmer relating activities including establishment of agro-processing industries, horticulture, agro-service, agricultural marketing, storage of agricultural produce.
