Section 3(1) in The Bombay Forward Contracts Control Act, 1947
(1)Any association desirous of being recognised for the purposes of this Act shall make an application in writing to the Provincial Government for such recognition and shall, along with the application, submit rules relating in general to its constitution and management and in particular to(a)the management of the association by a governing body and the constitution of such governing body;(b)the powers and duties of the office bearers and the governing body and the manner in which its business shall be transacted;(c)the admission of various classes of members by the association and the exclusion, suspension, expulsion and readmission of such members;(d)the formation and registration of partnerships and the appointment of authorised representatives and clerks;(e)such other matters as the Provincial Government may by order direct.
