Section 4(1)(i) in The Bombay Forward Contracts Control Act, 1947
(i)Notwithstanding anything contained in this Act, or any other law for the time being in force, the Provincial Government may, if it deems fit, by an order published in the Official Gazette, declare the governing body of any recognised association to be superseded and may appoint any person or persons to exercise and perform all the powers and duties of the governing body; and when more persons than one are appointed may appoint one of such persons to be the President;