Section 12 in Forward Contracts (Regulation) Act, 1952
12. Power of Central Government to make, or amend bye-laws of recognised association.
(1)The Central Government may, either on a request in writing received by it in this behalf from the governing body of a recognised association, or if in its opinion it is expedient so to do, make bye-laws for all or any of the matters specified in Section 11 or amend any bye-laws made by such association under that section.(2)Where, in pursuance of this section, any bye-laws have been made or amended, the bye-laws so made or amended shall be published in the Gazette of India, and shall thereupon have effect as if they had been made or amended by the recognised association.(3)Notwithstanding anything contained in this section where the governing body of a recognised association objects to any bye-law made or amended under this section by the Central Government on its own motion, it may, within six months of the publication thereof under sub-section(2), apply to the Central Government for a revision thereof, and the Central Government may, after giving a reasonable opportunity to the governing body of the association to be heard in the matter, revise the bye-laws so made or amended, and where any bye-laws so made or amended are revised as a result of any action taken under this sub-section the byelaws so revised shall be published and shall become effective as provided in subsection (2).(4)The making or the amendment or revision of any bye-laws under this section shall in cases be subject to such conditions in regard to previous publication as may be prescribed: Provided that the Central Government may, in the interest of the trade or in the public interest, by order in writing dispense with the condition of previous publication.
