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The Bombay Forward Contracts Control Act, 1947
The Bombay Forward Contracts Control Act, 1947
Sections
1. Short title, extent and operation.
Section 12. Definitions.
Section 23. Recognition.
Section 34. Power of Provincial Government to supersede the governing body, and suspend business.
Section 45. Power of Provincial Government to make rules and add to, etc., articles of association.
Section 56. Power of recognised association to make, add to, vary or rescind bye-laws.
Section 67. Power of Provincial Government to make by-laws.
Section 78. Illegal contracts and penalty.
Section 89. Options in goods illegal.
Section 910. Penalty for owing or keeping place used for entering into forward contracts in contravention of Act, etc.
Section 1011. Jurisdiction under Act.
Section 1112. Offences by corporations and firms.
Section 1213. Bar of suits and proceedings against officers, etc.
Section 1314. Repeal of enactments.
Section 1415. Savings.
Section 15
the-bombay-forward-contracts-control-act-1947.json
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15 Sections
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Gujarat
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"id": 16697,
"slug": "the-bombay-forward-contracts-control-act-1947",
"title": "The Bombay Forward Contracts Control Act, 1947",
"short_title": "The Bombay Forward Contracts Control Act, 1947",
"act_number": "Bombay Act No. 64 of 1947",
"act_year": 1947,
"act_type": "STATE",
"location": "Gujarat",
"law_status": "unknown",
"enactment_date": null,
"description": "The Bombay Forward Contracts Control Act, 1947",
"preamble": "",
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{
"number": "1",
"title": "1. Short title, extent and operation.",
"chapter": null,
"content": "",
"footnote": "",
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{
"number": "2",
"title": "2. Definitions.",
"chapter": null,
"content": "(1) \"Association\" means any association, organization or body of individuals, whether incorporated or not, established for the purpose of regulating, and controlling business of the sale or purchase of, or other transactions relating to any goods;\n(2) \"Contract\" means a contract entered, into, made or to be performed in whole or in part in any notified area relating to the sale or purchase of any goods to which this Act applies:\n(3) \"Forward Contract\" means a contract for the delivery of goods at a future date and which is not a ready delivery contract;\n(4) \"Goods\" means any kind of movable property and includes securities but does not include money or actionable claims;\n(5) \"Government security\" means a Government security as defined in the Indian Securities Act, 1920 ( X of 1920);\n(6) \"Notified area\" means any area specified in the notification under sub-section (3) of Section 1;\n(7) \"Option in goods\" means a contract for the purchase or sale of a right to buy, or a right to sell, or a right to buy or sell goods in future and includes a gully, a teji, a mandi or a teji-mandi in goods;\n(8) \"Person\" includes a firm;\n(9) \"Ready delivery contract\" means a contract which provides for delivery and payment of price either immediately or within such number of days not exceeding seven after the date of the contract and under such conditions as the Provincial Government may, from time to time, by notification in the Official Gazette , specify in behalf in this respect of any particular goods;\n(10) \"Recognised Association\" means an association which is for the time being recognised by the Provincial Government as provided in Section 3;\n(11) \"Securities\" includes shares, scrips, stocks, bonds, debentures, debenture stocks, or other marketable security of a like nature in or of any incorporate company or other body corporate and Government securities.",
"footnote": "",
"is_definition": true,
"sort_order": 1
},
{
"number": "3",
"title": "3. Recognition.",
"chapter": null,
"content": "(a) the management of the association by a governing body and the constitution of such governing body;\n(b) the powers and duties of the office bearers and the governing body and the manner in which its business shall be transacted;\n(c) the admission of various classes of members by the association and the exclusion, suspension, expulsion and readmission of such members;\n(d) the formation and registration of partnerships and the appointment of authorised representatives and clerks;\n(e) such other matters as the Provincial Government may by order direct.",
"footnote": "",
"is_definition": false,
"sort_order": 2
},
{
"number": "4",
"title": "4. Power of Provincial Government to supersede the governing body, and suspend business.",
"chapter": null,
"content": "(ii) The members of the governing body which has been superseded shall, as from the date of the order of supersession, cease to be such members.\n(iii) The person or persons appointed under clause (i) shall hold office for such period as the Provincial Government may, by notification in the Official Gazette , appoint and the Provincial Government may from time to time by like notification extend such period.\n(iv) The person or persons appointed under clause (i) may exercise and perform all the powers and duties of the governing body which has been superseded.\n(v) When a person or persons have been appointed under clause (i), all such property of the recognised association as such person or persons may by order in writing declare to be necessary for carrying out the purposes of this Act, shall vest in such person or persons, as the case may be. The property so vested, or which such person or persons may have acquired shall, on the determination of the period of office of such person or persons, re-vest or vest, as the case may be, in the recognised association.\n(vi) On the determination of the period referred to in clause (iii) the recognised association shall forthwith re-constitute a governing body in accordance with its rules: provided that until the governing body is so re-constituted the person or persons appointed under clause (i) shall continue to exercise and perform their powers and duties.",
"footnote": "",
"is_definition": false,
"sort_order": 3
},
{
"number": "5",
"title": "5. Power of Provincial Government to make rules and add to, etc., articles of association.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 4
},
{
"number": "6",
"title": "6. Power of recognised association to make, add to, vary or rescind bye-laws.",
"chapter": null,
"content": "(a) the opening and closing of markets and the times during which such market shall remain open or closed and regulating the hours of trade;\n(b) a clearing house for the periodical settlement of contracts and the differences thereunder, for the delivery of and payment for goods and for the passing on of delivery orders and the regulation and maintenance of such clearing house;\n(c) the number and classes of contracts in respect of which settlements shall be made or differences paid through the clearing house;\n(d) fixing, altering or postponing settling days;\n(e) determining and declaring the market rates for goods;\n(f) the terms, conditions and incidents of contracts and the forms of such contracts as are in writing;\n(g) regulating the entering into, making, performance, rescission and termination of contracts, including contracts between members, or between a commission agent and his constituent or between a broker and a jatthawala or muccadum and his constituent or between a member of the recognised association, and a person who is not a member, and the consequences of insolvency on the part of a seller or buyer or intermediary, the consequences of a breach or omission by a seller or buyer and the responsibility of commission agents, muccadums and brokers not parties to such contracts;\n(h) the admission and prohibition of specified classes or types of goods or of dealings in goods by a member of the recognised association;\n(i) the method and procedure for settlement of claims and disputes including settlement by arbitration;\n(j) the levy and recovery of fees, fines and penalties;\n(k) regulating the course of business between parties to contracts in any capacity;\n(l) fixing of a scale of brokerage and other charges;\n(m) the making, comparing, settling and closing of bargains;\n(n) the regulation of fluctuations in rates and prices;\n(o) emergencies and the exercise of powers in such emergencies;\n(p) the regulation of dealings by members for their own account.\n(i) make a contract which is entered into, made or is to be performed otherwise than in accordance with the bye-law void or illegal;\n(ii) render the member liable to expulsion, suspension, fine or other non-monetary penalty.",
"footnote": "",
"is_definition": false,
"sort_order": 5
},
{
"number": "7",
"title": "7. Power of Provincial Government to make by-laws.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 6
},
{
"number": "8",
"title": "8. Illegal contracts and penalty.",
"chapter": null,
"content": "(a) in accordance with such bye-laws, made under Section 6 or 7 relating to the entering into, making or performance of such contracts, as may be specified in the bye-laws. or\n(b) (i) between members of a recognised association,\n(ii) through a member of a recognised association, or\n(iii) with a member of a recognised association, provided that such member has previously secured the written authority or consent, which shall be in writing if the bye-laws so provide, of the persons entering into or making the contract, and no claim of any description in respect of such contract shall be entertained in any civil Court.",
"footnote": "",
"is_definition": false,
"sort_order": 7
},
{
"number": "9",
"title": "9. Options in goods illegal.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 8
},
{
"number": "10",
"title": "10. Penalty for owing or keeping place used for entering into forward contracts in contravention of Act, etc.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 9
},
{
"number": "11",
"title": "11. Jurisdiction under Act.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 10
},
{
"number": "12",
"title": "12. Offences by corporations and firms.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 11
},
{
"number": "13",
"title": "13. Bar of suits and proceedings against officers, etc.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 12
},
{
"number": "14",
"title": "14. Repeal of enactments.",
"chapter": null,
"content": "",
"footnote": "",
"is_definition": false,
"sort_order": 13
},
{
"number": "15",
"title": "15. Savings.",
"chapter": null,
"content": "(a) the terms and incidents of any forward contracts in cotton or securities entered into or made before the date on which the provisions of this Act come into force and to which the Acts hereby repealed applied;\n(b) the terms and incidents of any options in cotton entered into or made before the date on which the Bombay Options in Cotton Prohibition Ordinance, 1939 (Bombay Ordinance II of 1939), came into force;\n(c) the validity, invalidity, effect or consequences of anything already done or suffered, in case of such contracts before the coming into force of the provisions of this Act, and in the case of such options before the date of the coming into force of the said Ordinance;\n(d) any right, title, obligation or liability already acquired, accrued or incurred in regard to such contracts before the date of the coming into force of the provisions of this Act, and in regard to such options before the date of the coming into force of the said Ordinance;\n(e) any remedy or proceeding in respect of such right, title, obligation or liability;\n(f) anything done in the course of any proceeding pending in any Court, in case of such contracts on the date of the coming into force of the provisions of this Act and in the case of such options on the date of the coming into force of the said Ordinance, and any such remedy or proceeding may be enforced, instituted or continued, as the case may be, as if this Act had not been passed.",
"footnote": "",
"is_definition": false,
"sort_order": 14
}
],
"metadata": {
"Act ID": "guj064",
"Act Number": "Bombay Act No. 64 of 1947",
"Enactment Date": "",
"Act Year": "1947",
"Short Title": "The Bombay Forward Contracts Control Act, 1947",
"Type": "STATE",
"Location": "Gujarat"
},
"updated_at": "2026-09-29 21:55:19"
}