- In this Act, unless there is anything repugnant in the subject or context, -(1)"contract relating to jute goods" means a contract relating to the sale or purchase of jute goods made on a forward basis-(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 jute goods 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 jute goods;[Explanation. - Actual delivery of possession shall be deemed to include the transfer of any delivery order or railway receipt or dock receipt or mate's receipt or godown warrant.] ['Explanation' inserted by W.B. Act 3 of 1953.](2)"jute" includes the fibre commonly known as mesta;(3)"jute goods" means -(a)hessian cloth made of jute or bags made of such hessian cloth; and(b)gunny cloth made of jute or bags made of such gunny cloth; and includes such other goods made of jute as the State Government may specify by notification in the Official Gazette;(4)"margin" means the difference between the rate specified in a contract relating to the sale or purchase of jute goods 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.
