Section 12. Incorporation of Market Committees.

1[(1)] Every Market Committee shall be a body corporate by the name of "the ................................ Agricultural Produce Market Committeedbgqts and shall have perpetual succession and a common seal and may in its corporate name sue and be sued, and shall be competent to contract, acquire and hold property, both movable and immovable, and to do all other things necessary for the purpose for which it is established: 2[Provided that, no immovable or movable property the value of which exceeds the prescribed limits shall be acquired or disposed of by the Market Committee without the prior permission of the Director.] 3[(2) Notwithstanding anything contained in any law for the time being in force, every Market Committee shall, for all purposes, be deemed to be a local authority.] 4[(3) The Market Committees shall be classified by the Director subject to the guidelines prescribed, considering the volume and nature of the turnover for the purpose of laying down the norms for staff schedule, establishment expenditure, other expenses and allowances.]