Section 4(7) in The Bombay Cotton Contracts Act, 1932
(7)It is hereby declared that the East India Cotton Association Limited, is a recognised cotton association for the purposes and subject to the provisions of this Act and the articles and bye-laws of the said Association shall, so far as they relate to matters for which bye-laws may be made under the provisions of sections 5 and 6, be deemed to be bye-laws of a recognised cotton association:Provided that, if, within such time after the coming into operation of this Act as the [Provincial Government] [The words 'Provincial Government' were substituted for the words 'Governor in Council' by the Adaptation of Indian Order in Council.] shall by order in writing specify, the said Association shall not have complied with the conditions precedent to recognition specified in clauses (a) and (b) of sub-section (3), the said association shall cease to be a recognised cotton association and the said articles and bye-laws of the said association shall cease to be by-laws of a recognised cotton association:Explanation. - A grower of cotton shall not include a person who deals in forward contracts.
