Forward contracts in notified goods illegal or void in certain circumstances.

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..... azette, declare this section to apply to such goods or class of goods and in such areas as may be specified in the notification, and thereupon, subject to the provisions contained in section 18, every forward contract for the sale or purchase of any goods specified in the notification which is entered into in the area specified therein otherwise than between members of a recognised association or .....

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..... hat 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 .....

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..... nised association, no consent or authority of such person shall be necessary for closing out in accordance with the bye-laws the outstanding contract, if the member discloses in the note, memorandum or agreement of sale or purchase in respect of such closing out that he has bought or sold the goods, as the case may be, on his own account. ******** 1 Inserted by Act 62 of 1960, Sec. 15(w.e.f 28.12. .....

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