Amendment status not verified — confirm the current text below against the official source.
(1) 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 raw jute futures and may, by like notification, withdraw such prohibition : Price—Indian, annas 2; English, 3d. Power of Provincial Govern- ment to prohibit contracts relating to raw jute futures. The West „Bengal Raw Jute Futures Act, 1948. [West Ben. pct (Section 4.) Provided that the withdrawal of any such prohibition shall not affect the operation of the provisions of sub-section (2) in respect of any contract relating to raw jute futures made prior to the date on which the prohibition is with- drawn. (2) When the making of contracts relating to raw jute 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 notifica- tion, to the extent to which the payment or receipt, as the case may be, of margin is allow- able on the basis of the last closing rate "in a notified market; (b) no owner or occupier of any premises shall knoNcringly permit such premises to be used for the making of any such contract or for the payment or receipt of margin in contravention of the provi- sions of clause (a); and (c) 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. this sub-section.,— (a) "last closing rate" means the rate fixed by the Directors of a notified market to be the closinc, rate of such market immediately preceding the6 date of publication of the notification under sub-section (1) prohibiting the makinc, of contracts relating to raw jute futures; and (b) "notified market" means a raw jute futures market recognised by the Provincial Government by notification in the Official Gazette. 4• 'Whoever, in contravention of the provisions of section 3,— (a) makes a contract relating to raw jute futures, or pays or receives, as the case may be, margin, or (b) being the owner or occupier of any premises, knowingly permits such premises to be used for the making of a contract relating to raw jute futures, or for the payment or receipt of margin, Penalty. The West Bengal Raw Jute Futures Act, 1948. 3 `XXV of 1948.] (Sections 5, 6.) shall, on conviction, be punishable with imprisonment which may extend to one year, or with fine which may extend to one thousand rupees, or with both. Act V of