Lawgist27AProtection of action taken in good faith
1[27A. Protection of action taken in good faith.--(1) No suit or other legal proceeding shall lie in any court against the Central Government or any member, officer or servant of the Commission for anything which is in good faith done or intended to be done under this Act, or any rule or bye-law made thereunder.
(2) No suit or other legal proceeding shall lie in any court against the government body or any member, office-bearer or servant of any recognised association or against any person appointed under sub-section (1) of section 13 for anything which is in good faith done or intended to be done with the approval, or at the instance, of the Commission and in pursuance of this Act, or of any rule or bye-law made thereunder.]
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1. Ins. by act 62 of 1960, s. 22 (w.e.f. 28-12-1960).
- 1 Short title, extent and commencement
- 2 Definitions
- 3 Establishment and constitution of the Forward Markets Commission
- 4 Functions of the Commission
- 4A Powers of the Commission
- 5 Application for recognition of associations
- 6 Grant of recognition to association
- 7 Withdrawal of recognition
- 8 Power of Central Government to call for periodical returns or direct inquiries to be made
- 9 Furnishing of annual reports to the Central Government by recognised associations
- 9A Power of recognised association to make rules respecting grouping of members, restricting voting rights, etc., in special cases
- 10 Power of Central Government to direct rules to be made or to make rules
- 11 Power of recognised association to make bye-laws
- 12 Power of Central Government to make or amend bye-laws of recognised associations
- 12A Application of amendment of bye-laws to existing forward contracts
- 12B Power of Commission to suspend member of recognised association or to prohibit him from trading
- 13 Power of Central Government to supersede governing body of recognised association
- 14 Power to suspend business of recognised association
- 14A Certificate of registration to be obtained by all associations
- 14B Grant or refusal of certificate of registration
- 14C Application of sections 8 and 12B to registered associations
- 15 Forward contracts in notified goods illegal or void in certain circumstances
- 16 Consequences of notification under section 15
- 17 Power to prohibit forward contracts in certain cases
- 18 Special provisions respecting certain kinds of forward contracts
- 19 Prohibition of options in goods
- 20 Penalties
- 21 Penalty for owning or keeping place used for entering into forward contracts in goods
- 21A Power of court to order forfeiture of property
- 22 Offences by companies
- 22A Power to search and seize books of account or other documents
- 22B Presumptions to be drawn in certain cases
- 23 Certain offences to be cognizable
- 24 Jurisdiction to try offences under this Act
- 25 Advisory committee
- 26 Power to delegate
- 27 Power to exempt
- 27A Protection of action taken in good faith
- 28 Power to make rules
- 28A Savings of recognised associations
- 29 Repeals and savings
- 29A Repeal and savings
- 29B Transfer and vesting of undertaking of Commission
