Section 2 in The West Bengal Raw Jute Futures Act, 1948
2. Definitions.
- In this Act, unless there is anything repugnant in the subject or context, -(1)"contract relating to raw jute futures" means a contract relating to the sale or purchase of a screwed bale of raw jute made on a forward basic -(a)providing for the payment or receipt, as the case may be, of margin in such manner and on such dates as may be specified in the contract, or(b)by or with any person not being a person who -(i)habitually deals in the sale or purchase of raw jute involving the actual delivery of possession thereof, or(ii)possesses, or has control over, a godown and other means and equipments necessary for the storage and supply of raw jute;(2)"margin" the difference between the rate specified in a contract relating to the sale or purchase of a screwed bale of raw jute made on a forward basis and the rate prevailing on such date subsequent to the date of the contract as may be specified in the contract.
