Cotton Contracts Control (War Provisions) Repeal Act, 1922
An Act to repeal the Bombay Cotton Contracts Control (War Provisions) Act, 1919.
Whereas it is expedient to repeal the Bombay Cotton Contracts Control (War Provisions) Act, 1919 (Bom I of 1919); It is hereby enacted as follows:
Section 1. Short title
This Act may be called the Bombay Cotton Contracts Control (War Provisions) Repeal Act, 1922.
Section 2. Repeal of Bom. I of 1919
The Bombay Cotton Contracts Control (War Provisions) Act; 1919 (Bom. I of 1919), hereinafter called the said Act, is, with effect from 1st June 1922 and except to the extent mentioned in Section 3, hereby repealed.
Section 3. Provision for the settlement of certain contracts and disputes after repeal
The said Act and the rules and bye-laws made thereunder shall continue in force thereafter only for the purpose of settling contracts rand disputes in relation thereto, for the purchase and sale of cotton to be delivered on or before 31st May 1922, and the Bombay Cotton Contracts Board shall deal with such contracts and disputes and the powers and functions of the Board in relation thereto shall as regard such contracts and disputes remain in full force and effect, provided that the application for the exercise of the powers and functions of the Board under its rules all bye-laws is made not later than 15th July 1922.
Section 4. Disposal of property of Bombay Cotton Contract Board
On the settlement of the last such dispute, the property of the Bombay Option Contracts Board shall vest in the 2[Provincial Government] and the proceeds thereof shall, after the liabilities of the Board shall have been discharged, be applied by the 2[Provincial Government] for the benefit of the cotton trade of the City of City Bombay.
Section 5. Bom. I of 1919, Section 5, not to apply in certain cases
Notwithstanding anything contained in Section 5 of the said Act, no contract for the purchase or sale of cotton to be delivered after 31st May 1922, whether made at before or after the passing of this Act, shall be void by reason of its contravening any rule or bye-Law made by the Bombay Cotton Contracts Board.
1. For Statement of Objects and Reasons, see Bombay Government Gazette, 1922, Part V, page 7.
2. The word Provincial Government were substituted for the words Governor in Council by the Adaptation of Indian Laws Order in Council.