Bombay Cotton Contracts Act, 1932, (Maharashtra) Section 3 - Bare Act

Act Info:

In this Act, unless there is anything repugnant in the subject or context, -

(a) "Bombay" means the City of Bombay and the Island of Salsette;

¹[(b) * * *]

(c) "Board of Directors" means a board of directors of a recognised cotton association constituted under section 5 and acting through atleast a quorum of their members at a meeting of that board duly called and constituted;

(d) "Certified godown" means a godown maintained by a cotton association for storing cotton certified under the by-laws of the association;

(e) "Contract" means a contract made or to be performed in whole or in part in Bombay relating to the sale or purchase of cotton and includes options in cotton, but does not include such contracts as the ²[Provincial Government] may, by notification in the ³[0fficial Gazette,] declare to be excluded from the provisions of this Act;

(f) "Cotton Association" means any association, organisation or a body of individuals, whether incorporated or not, established or formed for the purpose of Regulating and controlling business in the sale, purchase or other transactions in cotton;

(g) "Forward contract" means a contract for the delivery of cotton at some future date;

(h) "Option in cotton" means a contract made or to be performed in whole or in part in Bombay for the purchase or sale of a right to buy, or a right to sell or a right to buy or sell cotton in future, and includes a teji, a mandi or a teji-mandi in cotton;

(i) "Ready contract" means a contract in which immediate delivery of cotton is contemplated;

(j) "Recognised cotton association" means a cotton association which is for the time being recognised by the ²[Provincial Government], as provided in section 4.

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1. This clause was deleted, by Bombay 17 of 1938, section 2 and First Schedule

2. The words "Provincial Government" were substituted for the words "Governor in Council" by the Adaptation of Indian Laws Order in Council.

3. The words "Official Gazette" were substituted for the words "Bombay Government Gazette", ibid.