Chapter 3-A
Registered Associations
14-A. Certificate of registration to be obtained by all associations.
[i][14-A. Certificate of registration to be obtained by all associations.—(1) No association concerned with the regulation and control of business relating to forward contracts shall, after the commencement of the Forward Contracts (Regulation) Amendment Act, 1960 (62 of 1960) (hereinafter referred to as such commencement), carry on such business except under, and in accordance with, the conditions of a certificate of registration granted under this Act by the Commission.
(2) Every association referred to in sub-section (1) which is in existence at such commencement, before the expiry of six months from such commencement, and every association referred to in sub-section (1) which is not in existence at such commencement, before commencing such business, shall make an application for a certificate of registration to the Commission in such form and containing such particulars as may be prescribed:
Provided that the Commission may in its discretion extend from time to time the period of six months aforesaid up to one year in the aggregate.
(3) Nothing in this section shall be deemed—
(a) to prohibit an association in existence at such commencement from carrying on its business until the disposal of the application made by it under sub-section (2); or
(b) to require a recognised association in existence at such commencement to make an application under sub-section (2); and every such association shall, as soon as may be after such commencement, be granted free of cost by the Commission a certificate of registration.]
14-B. Grant or refusal of certificate of registration.
[ii][14-B. Grant or refusal of certificate of registration.—On receipt of an application under Section 14-A, the Commission, after making such enquiry as it considers necessary in this behalf, may by order in writing grant a certificate of registration or refuse to grant it:
Provided that before refusing to grant such certificate, the association shall be given an opportunity of being heard in the matter.]
14-C. Application of Sections 8 and 12-B to registered associations.
[iii][14-C. Application of Sections 8 and 12-B to registered associations.—The provisions of Sections 8 and 12-B shall apply in relation to a registered association as they apply in relation to a recognised association with the substitution of—
(i) references to the registered association, for references to the recognised association; and
(ii) the words “two years”, for the words “three years” in sub-section (2) of Section 12-B.]
References
[i] Inserted by Act 62 of 1960, Section 14.
[ii] Inserted by Act 62 of 1960, Section 14.
[iii] Inserted by Act 62 of 1960, Section 14.
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