Forward Contracts (Regulation) Act,1952
Act No : 74
Section :
Furnishing of annual reports to the Commission by recognisedassociations.
9.Furnishing of annual reports to the Commission by recognised associations. 2[(1) Every recognised association shall furnish to the Commission three copies of its annual report.] (2) Such annual report shall contain such particulars as may be prescribed. 3[9A.Power of recognised association to make rules respecting admission of a firm or a Hindu undivided family, grouping of members, restricting voting rights, etc., in special cases. (1) A recognised association may make rules or amend any rules made by it to provide for all or any of the following matters, namely: 4[(a) the admission of a firm or a Hindu undivided family as a member;] 5[(b)] the grouping of the members of the association according to functional or local interests, the reservation of seats on its governing body for members belonging to each group and appointment of members to such reserved seats- (i) by election exclusively by the members belonging to the group concerned; (ii) by election by all the members of the association; (iii) by election by all the members of the association from among persons chosen by the members belonging to the group concerned for the purpose ; 6[(c)] the restriction of voting rights in respect of any matter placed before the association at any meeting to those members only who, by reason of their functional or local interests, are actually interested in such matter; --------------------------------------------------------------------- 1 Ins. by Act 82 of 1960, S. 7. 2 Subs. by S. 8, ibid., for sub-section (1). 3 Ins. by Act 32 of 1957, S. 2. 4 Ins. by Act 62 of 1960, s. 9 (with retrospective effect). 5 Cl. (a) relettered as cl. (b) by s. 9, ibid. 6 Cl. (b) relettered as el. (c) by s. 9, ibid. --------------------------------------------------------------------- 114 1 [(d)] the regulation of voting rights in respect of any matter placed before the association at any meeting so that each member may be entitled to have one vote only, irrespec- tive of his share of the paid-up equity capital of the association ; 2[(e)] the restriction on the right of a member to appoint another person as his proxy to attend and vote at a meeting of the association ; 3[f) the retirement at every annual general meeting of all directors or such number or proportion of their total number as may be specified in the rules:] 4[(g)] such incidental, consequential and supplementary matters as may be necessary to give effect to any of the matters specified in 5[clauses (a) to (f)]. (2) No rules of a recognised association made or amended in rela- tion to any matter referred to in 6[clauses (a) to (g)] of sub-section (1) shall have effect until they have been approved by the Central Government and published by that Government in the Official Gazette and, in approving the rules so made or amended, the Central Government may make such modifications therein as it thinks fit, and on such publication, the rules as approved by the Central Government shall be deemed to have been validly made, notwithstanding anything to the contrary contained in the Companies Act, 1956. (1 of 1956.) (3) Where, before the commencement of the Forward Contracts (Regulation) Amendment Act, 1957, (32 of 1957.)any rules have been made or amended in relation to any matter referred to in 6 [clauses (b) to (e) and (g)] of sub-section (1), the rules so made or amended shall not be deemed to be invalid or ever to have been invalid merely by reason of the fact that the rules so made or amended are repugnant to any of the provisions of the Companies Act, 1956.] (1 of 1956.)
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