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Showing contexts for: controlled delivery in Bhuwalka Brothers Ltd. vs Dunichand Rateria on 16 May, 1952Matching Fragments
13. The Government of West Bengal passed the Ordinance for the prevention of dealings in jute goods futures. In the Ordinance, unless there is anything repugnant in the subject or context, "contract relating to jute goods futures," 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-(0 habitually deals in the sale or purchase of jute good's 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. Section 3 gives power to the Provincial Government to prohibit contracts relating to jute goods futures. That section provides that the Provincial Government may, from time to time, if it so thinks fit, by notification in the official gazette, prohibit the making of contracts relating to jute goods futures and may, by like notification, withdraw such prohibition. Sub-section (2) provides that when the making of contracts relating to jute goods futures is prohibited by a notification under sub-section (1),- (a) no person shall make any such contract or pay or receive any margin except, in the case of any such contract made prior to the date of the notification, to the extent to which the payment or receipt, as the case may be, of margin is allowable on the basis of the last closing rate in the notified market. Clause (c) of sub-section (2) provides that notwithstanding anything contained in any other law for the time being in force (i) every such contract made, and every claim in respect of margin, in contravention of the provisions of Clause (a), shall be void and unenforceable, and (ii) every such contract made prior to the date of publication of the notification shall be varied and settled on the basis of the last closing rate in a notified market. That section also defines what a 'closing rate', and a 'notified market' is. Section 4 provides for penalty and Section 5 the procedure for the trial of a person who acts in contravention of the provisions of the Ordinance.
(a) A sells certain specific goods to B which are locked up in a godown. The seller gives the key to the buyer so that he may get the goods.
(b) A sells goods to B in the possession of a warehouseman. Subsequently the three agree that the warehouseman would hold the goods for the buyer.
29. In each case there is a delivery. But there is this difference. In the first case the delivery of the key to the buyer gives him actual control of the place where the goods are and thereby of the goods themselves. This is symbolic delivery. The delivery of the key is a declaration of the seller's intention to transfer control of the goods. But delivery of a key does not operate as delivery of the goods under the lock if it does not in fact give complete access to the goods.