Section 12 - Power of Central Government to make or amend bye-laws of recognised associations. - Forward Contracts (Regulation) Act, 1952

Power of Central Government to make or amend bye-laws of recognised associations. 12. (1) The Central Government may, either on a request in writing received by it in this behalf from the governing body of a recognised association, or if in its opinion it is expedient so to do, make bye-laws for all or any of the matters specified in section 11 or amend any bye-laws made by such association under that section. (2) Where, in pursuance of this section, any bye-laws have been made or amended, the bye-laws so made or amended shall be published in the Gazette of India 1 [and shall thereupon have effect] as if they had been made or amended by the recognised association. (3) Notwithstanding anything contained in this section, where the Governing body of a recognised association objects to any bye-laws made or amended under this section by the Central Government on its own motion, it may, within six months of the publication thereof under sub-section (2), apply to the Central Government for a revision thereof, and the Central Government may, after giving a reasonable opportunity to the governing body of the association to be heard in the matter, revise the bye-laws so made or amended, and where any bye-laws so made or amended are revised as a result of any action taken under this sub-section, the bye-laws so revised shall be published and shall become effective as provided in sub-section (2). (4) The making or the amendment or revision of any bye-laws under this section shall in all cases be 2 [subject to such conditions in regard to previous publication as may be prescribed]: Provided that the Central Government may, in the interest of the trade or in the public interest, by order in writing, dispense with the condition of previous publication. ******** 1 Substituted by Act 62 of 1960, Section 11 (w.e.f. 28.12.1960). 2 Substituted by Act 62 of 1960, Section 12(w.e.f. 28.12.1960).