Amendment status not verified — confirm the current text below against the official source.
( 1 ) Every forward contract for the sale or purchase of, or relating to; any goods, specified in the notification under sub-section ( 3 ) of section 1 which is entered into made or to be performed in any notified area shall be illegal if it is not entered into, made or to be performed- ( a ) in accordance with such bye-laws, made under section 6 or 7 relating to the entering into, making or performance of such contracts, as may be specified in the bye-laws, or (b) (i) between members of a recognised association, ( ii ) through a member of a recognised association, or ( iii ) with a member of a recognised association, provided that such member has previously secured the written authority or consent, which shall be in writing if the bye-laws so provide, of the persons entering into or making the contract, and no claim of any description in respect of such contract shall be entertained in any civil court. ( 2 ) Any person entering into or making such illegal contract shall, on conviction be punishable with imprisonment for a term which may extend to six months or with fine or with both.