(1)The Municipal Commissioner or the Executive Officer may, with the prior approval of the municipality, grant to any person a license to establish or keep open a private market on payment of such fees as may be determined by the municipality by regulations, and may specify such conditions consistent with this Act as he may deem fit.(2)When the Municipal Commissioner or the Executive Officer refuses to grant any license, he shall record a brief statement of the reasons for such refusal.(3)The Municipal Commissioner or the Executive Officer may, with the prior approval of the municipality and for reasons to be recorded in writing, by order, suspend a license in respect of a private market for such period as he thinks fit or cancel such license.(4)A private market in respect of which the license has been suspended or cancelled under sub-section (3) shall be closed with effect from such date as may be specified in the order of suspension or cancellation.(5)When the municipality decides to acquire any private market, the Municipal Commissioner or the Executive Officer shall notify the owner of such market the date on which the market shall be acquired by the municipality, such date being not less than sixty days from the date of issue of the notice to the owner; and from that date the market shall vest in the municipality.(6)If there is any dispute regarding the amount of compensation to be paid for the acquisition of any private market between the municipality and the owner of the market, the matter shall be referred to the Competent Court of Jurisdiction whose decision shall be final.
