Any association concerned with the regulation and control of >[forward contracts] which is desirous of being recognised for the purposes of this Act may make an application in the prescribed manner to the Central Government.
(2) Every application made under sub-section (1) shall contain such particulars as may be prescribed and shall be accompanied by a copy of the bye-laws for the regulation and control of >[forward contracts] and also a copy of the rules relating in general to the constitution of the association, and in particular, to--
(a) the governing body of such association, its constitution and powers of management and the manner in which its business is to be transacted;
(b) the powers and duties of the office-bearers of the association;
(c) the admission into the association of various classes of members, the qualifications of members, and the exclusion, suspension, expulsion and readmission of members therefrom or thereinto;
(d) the procedure for registration of partnerships as members of the association and the nomination and appointment of authorised representatives and clerks.
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