Section 5 - Application for recognition of associations - Forward Contracts (Regulation) Act, 1952

CHAPTER III Recognized Associations 5. Application for recognition of associations. (1) Any association concerned with the regulation and control of forward contracts which is desirous of being recognised for the purposes of this Act may make an application in the prescribed manner to the Central Government. (2) Every application made under sub-section (1) shall contain such particulars as may be prescribed and shall be accompanied by a copy of the bye-laws for the regulation and control of forward contracts and also a copy of the rules relating in general to the constitution of the association, and, in particular to-- (a) the governing body of such association, its constitution and powers of management and the manner in which its business is to be transacted; (b) the powers and duties of the office-bearers of the association; (c) the admission into the association of various class of members, the qualifications of members, and the exclusion, suspension, expulsion and readmission of members therefrom or therein to; (d) the procedure for registration of partnerships as members of the association and the nomination and appointment of authorised representatives and clerks.