Section 5 in The Bombay Cotton Contracts Act, 1932
5. Recognised association to have Board of Directors: power to make bye-laws.
(1)[* * * * *] [The words 'subject to the provisions of section 9' were deleted by Bombay 17 of 1938, Section 2 and First Schedule.] In every recognised cotton association there shall be a Board of Directors. Subject to the sanction of the [Provincial Government] [The words 'Provincial Government' were substituted for the words 'Governor in Council' by the Adaptation of Indian Order in Council.], a recognised cotton association may make and may from time to time add to, vary or rescind bye-laws providing for -(a)the constitution of the Board of Directors,(b)the powers and duties of the Board of Directors and the manner which its business shall be conducted,(c)the number and constitution of electoral panels and the representation upon such panels, and(d)the method of appointment of members to the Boards of Directors.(2)By-laws made, added to, varied or rescinded under sub-section (1) shall be Laid [before each of the Chambers of the Provincial Legislature] [These words were substituted for the words 'upon the table of the Bombay Legislative Council' by Bombay 17 of 1938 and First Schedule.] at the session [thereof] [The word 'thereof' was substituted for the words 'of the said Council' by Bombay 17 of 1938 and First Schedule.] next following and shall be liable to be modified or rescinded by a resolution [in which both Chambers concur] [These words were substituted for the words 'of the said Council' by Bombay 17 of 1938 and First Schedule.] If any by-law is so modified or rescinded, the [Provincial Government] [The words 'Provincial Government' were substituted for the words 'Governor in Council' by the Adaptation of Indian Laws Order in Council.] may sanction such modified by-law and re-publish the same accordingly or may sanction such rescission.
