Section 13(2) in The Forward Contracts (Regulation) Act, 1952
(2)On the publication of a notification in the Official Gazette under sub-section (1) the following consequences shall ensue, namely:—(a) the members of the governing body which has been superseded shall, as from the date of the notification of supersession cease to hold office as such members; tc" (a) the members of the governing body which has been superseded shall, as from the date of the notification of supersession cease to hold office as such members;"(b)the person or persons appointed under sub-section (1) may exercise and perform all the powers and duties of the governing body which has been superseded; tc" (b) the person or persons appointed under sub-section (1) may exercise and perform all the powers and duties of the governing body which has been superseded;"(c)all such property of the recognised association as the person or persons appointed under sub-section (1) may, by order in writing, specify in this behalf as being necessary for the purpose of enabling him or them to carry out the purposes of this Act, shall vest in such person or persons. tc" (c) all such property of the recognised association as the person or persons appointed under sub-section (1) may, by order in writing, specify in this behalf as being necessary for the purpose of enabling him or them to carry out the purposes of this Act, shall vest in such person or persons."
