Section 16. Central Market Fund.

(1) There shall be formed for the whole of the State a fund to be called "the Central Market Fund". Every market committee shall contribute ten per cent of its annual income to the Central Market Fund and the contribution so paid shall be placed to the credit of the said Fund: 1[Provided that it shall be competent for 2[the Director of Marketing] to grant postponement of the payment of contribution or reduction or remission thereof in respect of any newly constituted market committee upto a period of three years from the date of its constitution.] (2) The Central Market Fund shall be vested in the Government and deposited in the Government treasury at Hyderabad. It shall be administered and applied by 2[the Director of Marketing] for all or any of the following purposes, namely:- (i) grant-in-aid of the market committees for the first year after their constitution under this Act; (ii) grant-in-aid of a deficit market committee for period not exceeding three years; (iii) grant of loans to the market committees at such rates of interest as are charged on loans granted by the Government for development purposes; (iv) 2[such other similar or allied purposes] as may be specified by the Government by general or special order: 3[Provided that the Director of Marketing shall sanction such amount as may be prescribed by the Government from time to time, towards grant-in-aid or as loan.]