The charge disproportionate correlated electronic system La0.5Ba0.5FeO3; synthesized by conventional solid state reaction route, exhibits novel properties. The sample undergoes semiconductor-metal type transition at TSM=102K. A crossover of electrical conduction mechanism from variable range hopping to small polaron hopping occurs around 210K, well above TSM. Analysis of the transport, magnetic susceptibility and magnetization data in the light of De Gennes proposal indicates the formation of canted antiferromagnetic spin order preceded by charge ordering in La0.5Ba0.5FeO3 perovskite. The observed resistive transition is considered to be associated with the onset of weak ferromagnetic ordering in the canted antiferromagnetic spin state. Another noteworthy feature is the observation of Polarization-Electric field (P-E) hysteresis loop signifying the appearance of ferroelectricity in the charge ordered state.