Section 26B in The Forward Contracts (Regulation) Act, 1952
26B. Power of Central Government to supersede Commission. —If at any time the Central Government is of the opinion—(a) that on account of grave emergency, the Commission is unable to discharge the functions and perform the duties imposed on it by or under the provisions of this Act; or
(b)that the Commission has persistently made wilful default in complying with any direction issued by the Central Government under this Act or in the discharge of the functions and perform the duties imposed on it by or under the provisions of this Act and as a result of such default the financial position of the Commission or the administration of the Commission has deteriorated; or(c)that circumstances exist which render it necessary in the public interest so to do, the Central Government may, by notification, supersede the Commission for such period, not exceeding six months, as may be specified in the notification.(2)Upon the publication of a notification under sub-section (1) superseding the Commission,—(a) all the members shall, as from the date of supersession, vacate their offices as such;(b)all the powers, functions and duties which may, by or under the provisions of this Act, be exercised or discharged by or on behalf of the Commission shall, until the Commission is reconstituted under sub-section (3), be exercised and discharged by such person or persons as the Central Government may direct; and(c)all property owned or controlled by the Commission shall, until the Commission is reconstituted, vest in the Central Government.(3)On the expiration of the period of supersession specified in the notification issued under sub-section (1), the Central Government may reconstitute the Commission by fresh appointment and in such case any person or persons who vacated their offices under clause (a) of sub-section (2), shall not be deemed disqualified for such appointment: Provided that the Central Government may, at any time before the expiration of the period of supersession, take action under this sub-section.(4)The Central Government shall cause a notification issued under sub-section (1) and a full report of any action taken under this section and the circumstances leading to such action to be laid before each House of Parliament at the earliest.
