Come Forward - Bare Acts

Forward Contracts (Regulation) Act, 1952 Chapter IV

Title: Forward Contracts and Options in Goods

State: Central

Year: 1952

.....goods entered into in pursuance of sub-section (1) which is in contravention of any of the bye-laws specified in this behalf under clause (a) of sub-section (3) of section 11 shall be void-- (i) as respects the rights of any member of the recognised association who has entered into contract in contravention of any, such bye-law, and also (ii) as respects the rights of any other person who has knowingly participated in the transaction entailing such contravention. (3) Nothing in sub-section (2) shall affect the right of any person other than a member of the recognised association to enforce any such contract or to recover any sum under or in respect of such contract: Provided that such person had no knowledge that such transaction was in contravention of any of the bye-laws specified under clause (a) of sub-section (3) of section 11. 1[(3A) Any forward contract in goods entered into in pursuance of sub-section (1), which at the date of the contract is in contravention of any of the bye-laws specified in this behalf under clause (aa) of sub-section (3) of section 11 shall be illegal.] (4) No member of a recognised association shall, in respect of any goods specified in.....

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Forward Contracts (Regulation) Act, 1952 Chapter II

Title: The Forward Markets Commission

State: Central

Year: 1952

.....to be a Civil Court and when any offence described in section 175, section 178, section 179, section 180 or section 228 of the Indian Penal Code is committed in the view or presence of the Commission, the Commission may, after recording the facts constituting the offence and the statement of the accused as provided for in the Code of Criminal Procedure, 1898, forward the case to a Magistrate having jurisdiction to try the same and the Magistrate to whom any such case is forwarded shall proceed to hear the complaint against the accused as if the case has been forwarded to him under section 482 of the said Code. (4) Any proceeding before the Commission shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 of the Indian Penal Code. Explanation.-- For the purposes of enforcing attendance of witnesses, the local limits of the Commission's jurisdiction shall be the limits of the territory of India.] _______________________________ 1. Inserted by the Forward Contracts (Regulation) Amendment Act, 1060 (62 of 1960), Section 6 (28-12-1960).

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Forward Contracts (Regulation) Act, 1952 Section 21

Title: Penalty for Owning or Keeping Place Used for Entering into Forward Contracts in Goods

State: Central

Year: 1952

.....or with both; (ii) for a second or subsequent offence, with imprisonment which may extend to two years and also with fine: Provided that in the absence of special and adequate reasons to the contrary to be mentioned in the judgment of the Court, the imprisonment shall not be less than one month and the fine shall not be less than [one thousand rupees]. _______________________________ 1. Inserted in clause (g) by the Forward Contracts (Regulation) Amendment Act 1960 (62 of 1960), Section 18 (28-12-1960). 2. Inserted after clause (g) by the Forward Contracts (Regulation) Amendment Act 1960 (62 of 1960), Section 18 (28-12-1960). 3. Substituted for "shall, on conviction, be punishable with imprisonment which may extend to two years, or with fine, or with both" by the Forward Contracts (Regulation) Amendment Act 1960 (62 of 1960), Section 18 (28-12-1960).

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Forward Contracts (Regulation) Act, 1952 Complete Act

Title: Forward Contracts (Regulation) Act, 1952

State: Central

Year: 1952

.....Central Government to make or amend bye-laws of recognised associations Section12A - Application of amendment of bye-laws to existing forward contracts Section12B - Power of Commission to suspend member of recognised association or to prohibit him from trading Section13 - Power of Central Government to supersede governing body of recognised association Section14 - Power to suspend business of recognised association ChapterIIIA - REGISTERED ASSOCIATIONS Section14A - Certificate of registration to be obtained by all associations Section14B - Grant or refusal of certificate of registration Section14C - Application of section 8 and 12-B to registered association Chapter IV Section15 - Forward contracts in notified goods illegal or void in certain circumstances Section16 - Consequences of notification under section 15 Section17 - Power to prohibit forward contracts in certain cases Section18 - Special provisions respecting certain kinds of forward contracts Section19 - Prohibition of options in goods Chapter V Section20 - Penalties Section21 - Penalty for owning or keeping place used for entering into forward contracts in goods Section21A - Power of Court to order.....

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Bombay Forward Contracts Control Act, 1947, (Maharashtra) Section 10

Title: Penalty for Owing or Keeping Place Used for Entering into Forward Contracts in Contravention of Act, Etc.

State: Maharashtra

Year: 1947

.....used for the purpose of entering into or making or performing in whole or in part forward contracts in goods specified in the notification under sub-section (3) of section 1 and knowingly permits such place to be used for such purposes; or (2) without the permission of the Provincial Government organises, or assists in organising or becomes an member of any association, other than a recognised association, established for the purpose of assisting in entering into or making or performing in whole or in part forward contracts such goods; or (3) manages, controls or assists in keeping any place, other than that of a recognised association, which is used for the purpose of entering into or making or performing in whole or in part forward contracts in such goods or at which such contracts are recorded or adjusted or rights or liabilities arising out of such contracts or options are adjusted, regulated or enforced in any manner whatsoever; or (4) not being a member of a recognised association wilfully represents to or induces any person to believe that he is a member of a recognised association or that a forward contract can be entered into or made or performed in whole or in.....

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Forward Contracts (Regulation) Act, 1952 Section 3

Title: Establishment and Constitution of the Forward Markets Commission

State: Central

Year: 1952

.....Commission shall hold office for a period of more than three years from the date of his appointment, and a member relinquishing his office on the expiry of his term shall be eligible for reappointment. (5) The other terms and conditions of service of members of the Commission shall be such as may be prescribed. _______________________________ 1. The Commission wax established by S.R.O. 1944, dated 2-9-1953, 2. Substituted for 'but not exceeding three' by the Forward Contracts (Regulation) Amendment Act, 1960 (62 of 1960), Section 4 (28-12-1960). 3. Substituted for certain words by the Forward Contracts (Regulation) Amendment Act. 1953 (46 of 1953). Section 2 (23-12-1953). 4. Substituted for original proviso, by the Forward Contracts (Regulation) Amendment Act. 1953 (46 of 1953). Section 2 (23-12-1953).

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Bombay Forward Contracts Control Act, 1947, (Maharashtra) Preamble

Title: the Bombay Forward Contracts Control Act, 1947

State: Maharashtra

Year: 1947

THE BOMBAY FORWARD CONTRACTS CONTROL ACT, 1947 [Act No. 64 of 19471] [7th February 1948] PREAMBLE An Act to provide for the regulation and control of forward contracts, for prohibition of options and for certain other purposes in the Province of Bombay. WHEREAS it is expedient to regulate and control forward contracts, to prohibit options and to provide for certain other purposes hereinafter appearing; It is hereby enacted as follows:- NOTES Forward contract.-To constitute a forward contract, the parties must agree to deliver the goods at a future date.-Judicial Dictionary - Aiyyar. ______________________________ 1. For Statement of Objects and Reasons see Bombay Government Gazette, 1947, Part V, p. 274; for Report of the Select Committee, see ibid., p. 503; for Proceedings in Assembly, see Bombay Legislative Assembly Debates, 1947, Vol. XI; and for Proceedings in Council, see Bombay Legislative Council Debates, 1947, Vol. XIII.

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Forward Contracts (Regulation) Act, 1952 Section 17

Title: Power to Prohibit Forward Contracts in Certain Cases

State: Central

Year: 1952

.....thereunder shall be illegal. (3) Where a notification has been issued under sub-section (1), the provisions of Section 16 shall, in the absence of anything to the contrary in the notification, apply to all forward contracts for the sale or purchase of any goods specified in the notification1[entered into on or before the date of the notification] and remaining to be performed after the said date as they apply to all forward contracts for the salt: or purchase of any goods specified in the notification under section 15. __________________________________ 1. Substituted for 'entered into before the date of the notification' by Act 62 of 1960, Section 16(28-12-1960).

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Forward Contracts (Regulation) Act, 1952 Section 12A

Title: Application of Amendment of Bye-laws to Existing Forward Contracts

State: Central

Year: 1952

1 [12A. Application of amendment of bye-laws to existing [forward contracts] Any amendment of a bye-law under Section 11 other than amendment made in pursuance of clause (a) or clause (aa) of sub-section (3) of that section or under section 12 also apply to all [forward contracts] entered into before the date of its approval by the Central Government or before the date of its publication in the Gazette of India, as the case may be, and remaining to be performed on or after the said date. _______________________________ 1. Sections 12-A, 12-B inserted by the Forward Contracts (Regulation) Amendment Act, 1060 (62 of 1960), Section 13 (28-12-1960).

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Forward Contracts (Regulation) Act, 1952 Section 15

Title: Forward Contracts in Notified Goods Illegal or Void in Certain Circumstances

State: Central

Year: 1952

.....goods entered into in pursuance of sub-section (1) which is in contravention of any of the bye-laws specified in this behalf under clause (a) of sub-section (3) of section 11 shall be void-- (i) as respects the rights of any member of the recognised association who has entered into contract in contravention of any, such bye-law, and also (ii) as respects the rights of any other person who has knowingly participated in the transaction entailing such contravention. (3) Nothing in sub-section (2) shall affect the right of any person other than a member of the recognised association to enforce any such contract or to recover any sum under or in respect of such contract: Provided that such person had no knowledge that such transaction was in contravention of any of the bye-laws specified under clause (a) of sub-section (3) of section 11. 1[(3A) Any forward contract in goods entered into in pursuance of sub-section (1), which at the date of the contract is in contravention of any of the bye-laws specified in this behalf under clause (aa) of sub-section (3) of section 11 shall be illegal.] (4) No member of a recognised association shall, in respect of any goods specified in.....

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