Section 53(1) in The Gujarat Agricultural Produce Markets Act, 1963
(1)Where a market area ceases to be a market area,-(a)any market established therein shall cease to be a market, and(b)the market committee or committees established for the market area shall stand dissolved and the following consequences shall ensue, namely:-(i)the members of the committee or committees shall vacate their office;(ii)the unexpended balance of the Market Committee Fund and other property and liabilities of the market committee shall vest in the State Government:Provided that the State Government shall not be liable to discharge the liabilities so vesting in so far as the same exceed the unexpended balance of the Market Committee Fund and the value of the property vesting in the State Government.
