Section 7A in The Forward Contracts (Regulation) Act, 1952
7A. Corporation and demutualisation of associations. —On and from the appointed date, all recognized associations (if not corporatised and demutualised before the appointed date) shall be corporatised and demutualised in accordance with the provisions contained in section 7B: Provided that different appointed dates may be appointed for different recognized associations: Provided further that the Commission may, if it is satisfied that any recognized association was prevented by sufficient, cause from being corporatised and demutualised on or after the appointed date, extend the appointed date specified in respect of that recognized association and such recognized association may continue as such before such appointed date. Explanation.—For the purposes of this section, “appointed date” means the date which the Commission may, by notification, appoint.
