Section 12. Establishment and incorporation of Committee

(1) For every Market Area there shall be a Committee to be called the Mandi Samiti of that Market Area, which shall be a body corporate having perpetual succession and an official seal and, subject to such restrictions or qualifications, if any, as may be imposed by this or any other enactment, may sue or be sued in its corporate name and acquire, hold and dispose of property and enter into contracts ; Provided that the Committee shall not transfer any movable property except in accordance with a resolution duly passed at any of its meetings by a majority of not less than three-fourths of the total number of its members and with the previous approval in writing of [the Board]1. (2) The Committee shall be deemed to be a local authority for the purposes of Land Acquisition Act, 1894 2[and any other law for the time being in force]