Section 12. Power of Central Government to make or amend bye-laws of recognised associations

12. Power of Central Government to make or amend bye-laws of recognised associations. —(1) The Central Government may, either on a request in writing received by it in this behalf from the governing body of a recognised association, or if in its opinion it is expedient so to do, make bye-laws for all or any of the matters specified in section 11 or amend any bye-laws made by such association under that section. (2) Where, in pursuance of this section, any bye-laws have been made or amended, the bye-laws so made or amended shall be published in the Gazette of India[3] [and shall thereupon have effect] as if they had been made or amended by the recognised association. (3) Notwithstanding anything contained in this section, where the governing body of a recognised association objects to any bye-laws made or amended under this section by the Central Government on its own motion, it may, within six months of the publication thereof under sub-section (2), apply to the 1. Ins. by Act 62 of 1960, s. 11 (w.e.f. 28-12-1960). 2. The words "and also in the Official Gazette of the State in which the principal office of the recognised association is situate" omitted by s. 11, ibid . (w.e.f. 28-12-1960). 3. Subs. by s. 12, ibid ., for "subject to the condition of previous publication" (w.e.f. 28-12-1960). Central Government for a revision thereof, and the Central Government may, after giving a reasonable opportunity to the governing body of the association to be heard in the matter, revise the bye-laws so made or amended, and where any bye-laws so made or amended are revised as a result of any action taken under this sub-section the bye-laws so revised shall be published and shall become effective as provided in sub-section (2). (4) The making or the amendment or revision of any bye-laws under this section shall in all cases be 1[subject to such conditions in regard to previous publication as may be prescribed.] Provided that the Central Government may, in the interest of the trade or in the public interest, by order in writing, dispense with the condition of previous publication in any case. 2[12A. Application of amendment of bye-laws to existing forward contracts. —Any amendment of a bye-law under section 11 other than an amendment made in pursuance of clause (a) or clause (aa) of sub-section (3) of that section or under section 12 shall also apply to all forward contracts entered into before the date of its approval by the Central Government or before the date of its publication in the Gazette of India, as the case may be, and remaining to be performed on or after the said date.