Section 10 in The Bombay Forward Contracts Control Act, 1947
10. Penalty for owing or keeping place used for entering into forward contracts in contravention of Act, etc.
- Any person who in any notified area -(1)owns or keeps a place, other than that of a recognised association, which is used for the purpose of entering into or making or performing in whole or in part forward contracts in goods specified in the notification under sub-section (3) of Section 1 and knowingly permits such place to be used for such purposes;or(2)without the permission of the Provincial Government organises., or assists in organizing or becomes of member of any association, other than a recognised association, established for the purpose of assisting in entering into or making or performing in whole or in part forward contracts such goods; or(3)manages, controls or assists in keeping any place, other than that of a recognised association, which is used for the purpose of entering into or making or performing in whole or in part forward contracts in such goods or at which such contracts are recorded or adjusted or rights or liabilities arising out of such contracts or options arc adjusted, regulated or enforced in any manner whatsoever; or(4)not being a member of a recognised association wilfully represents to or induces any person to believe that he is a member of a recognised association or that a forward contract can be entered into or made or performed in whole or ,in part under this Act through him, or(5)not being a member of a recognised association or his agent authorised under the rules or bye-laws of such association canvasses, advertises, or touts in any manner either for himself or for any other person, for any business connected with forward contracts in such goods; or(6)joins, gathers or assists in gathering any person or persons for making bids or offers or for entering into or making any forward contracts in such goods at a place other than the place of business specified in the bye-laws of any recognised association, shall, on conviction, be punishable with imprisonment which may extend to six months or with fine or with both.
