Section 6(2) in The Bombay Cotton Contracts Act, 1932
(2)In particular and without prejudice to the generality of the foregoing provision such by-laws may provide for-(a)The admission of various classes of members of a recognised cotton association and the exclusion, suspension, expulsion and re-admission of such members;(b)the opening and closing of markets in cotton and the times during which such markets shall be opened or closed and regulating the hours of trade;(c)a clearing house for the periodical settlement of contracts or differences thereunder and for the passing on of delivery orders and for any purpose in connection with options in-cotton, and the regulation and maintenance of such clearing house;(d)the number and classes of contracts in respect of which settlements shall be made or differences paid through the clearing house;(e)fixing, altering or postponing settling days;(f)determining and declaring the market rates for cotton of any and every description;(g)the terms, conditions and incidents of contracts and the forms of such contracts as are in writing;(h)regulating the making performance and cancellation of contracts, including contracts between a commission agent and his constituent, or between a broker and his constituent, or between a jethawala or muccadum and his constituent, or between a member and a non-member of a recognised cotton association, and the consequences of insolvency on the part of a seller or buyer or intermediary, the consequences of a breach or omission by a seller or buyer and the responsibility of commission agents, muccadums and brokers not parties to such contracts;(i)the prohibition of specified classes or types of dealings in cotton by a member of a recognised cotton association;(j)the settlement of claims and dispute by arbitration and appeals against awards;(k)the levy and recovery of subscriptions, fees, fines and penalties;(l)disciplinary measures against members of a recognised cotton association, including suspension, expulsion, fines and non-monetary penalties, for breach of any bye-law made by the Board of Directors;(m)regulating the course of business between parties to contracts in any capacity;(n)the institution, maintenance and control of certified godowns; and(o)regulating the making, performance and cancellation of option in cotton.
