Conditions

Conditions, Conditions are nothing but qualifica-tion, restriction or limitation modifying or even destroying to a certain extent the right to carry on the business. The commodities in which the association can carry on the business of forward contract is an integral part of its business activity. They are the subject- matter or media for carrying on the business and specification of commodities in which business can be carried on is a condition sounding only in the realm of regulation and control of that business, Union of India v. Rajdhani Grains and Jaggery Exchange Ltd., (1975) 1 SCC 676: AIR 1975 SC 1218: (1975) Supp SCR 1.