Section 3(2) in The West Bengal Jute Goods Act, 1950
(2)When the making of contracts relating to jute goods is prohibited by a notification under sub-section (1), -(a)no person shall make any such contract or payor receive any margin except, in the case of any such contract made prior to the date of the notification, to the extent to which the payment or receipt, as the case may be, of margin is allowable on the basis of the last closing rate in a notified market;(b)no owner or occupier of any premises shall knowingly permit such premises to be used for the making of any such contract or for the payment or receipt of margin in contravention of the provisions of clause (a); and(c)notwithstanding anything contained in any other law for the time being in force,-(i)every such contract made, and every claim in respect of margin, in contravention of the provisions of clause (a) shall be void and unenforceable, and(ii)every such contract made prior to the date of publication of the notification shall be varied and settled on the basis of the last closing rate in a notified market.Explanation. - In this sub-section,-(a)"last closing rate" means the rate fixed by the directors of a notified market to be the closing rate of such market immediately preceding the date of publication of the notification under subsection (1) prohibiting the making of contracts relating to jute goods; and(b)"notified market" means a jute goods market recognised by the State Government by notification in the Official Gazette.
