Number of membership & Classification : 4. For the purpose of registration the Chamber is declared to consist of not more than 300 members.
The members of the Chamber shall be classified into following Categories viz.
(i) Ordinary Non Trading Members.
(ii) Ordinary Trading Member including Ready Stockist Dealers Oils & Sugar millers of commodities for which the Chamber is recognized by the Central and Forward Markets commission.
Increase in Membership Members : 5. The Board with the previous approval of the forward Markets commission in writing may register an increase of members.
Qualification and Annual subscriptions of Members : 6. (a) Any person having a place of business in India and actually carrying on a bonafide intending to carry on business in approved commodity and being a subject of India may apply for admission to membership of the Chamber in prescribed from with an admission fee of Rs(5000/-) together with security deposit of Rs.5000/- and an annual fee of Rs, 600/- and agreeing to abide by the Memorandum and Articles of Association and the rules & Regulation and bye laws of the Chamber which may be time being in force and subject to the application being passed in accordance with these presents be elected to the Government for the time being under the laws in that behalf or who has compounded with or its creditors is an adjudicated insolvent shall be registered as a trading member.
6. (b) The security deposit referred to in clause (a) above shall bear no interest for the first three years from the date of deposit and thereafter interest may be paid thereon at such rate as may be determined by the Board from time to time and in no case it shall be higher by more than one percent below the ruling bank rate.-''
Membership of Non Indian : 7. Subject to the terms and conditions specified in Articles
6(a) (b) any person firm joint Hindu Family or limited company other than subject of India shall be eligible to become trading member of the Association payment of Rs.40,000/-as deposit Rs.10,000/-as admission fee and Rs,1200/-as annual subscription provided the Board is satisfied that the country of which or it is a national affords similar facilities to Indian subjects Member admitted under this Article shall not be eligible for election to the board of directors become office bearers of the Chamber.
Application for Membership : 8. Every application for Member shall be made in writing in the prescribed from and signed by the applicant accompanied deposit admission fee and annual subscription as aforesaid and shall be forwarded to the secretary of the Chamber who shall cause the name of the applicant to be posted on the Notice Board of the Chamber seven days before the election by the Board so that any Member may submit to the Board any objection against the applicant which would disqualify ham from being a Member.
Election : 9. After the expiration of sever days and after considering any objection as mentioned in preceding clause the candidate shall be ballotted for the Board of Directors may prescribe from time to time The candidate shall not be elected unless at least 10 Directors have voted and three fourth of the votes are in favour of his election The same candidate may not be ballotted for twice within the period of 12months The ballot shall be held at such place and within such hours and in such manners as shall from time to time be prescribed by the as the Board of Directors may direct from time to time.
Duties of Member : 10. Every member shall be bound to further to the best of his or its ability the object and interest of the Chamber and shall observer and perform all Rules, Regulations and Bye-laws of the Chamber for the time to time being and from time to time in force,.
Members to enter into transaction : 11. Only the ordinary trading member whether member or not in commodities for which the Chamber is recognized by the central Government such contracts shall bye-laws Rules & regulation of the chamber and shall registered with the chamber.
Responsibility of firms, companies etc .: 12, firms Hindu joint Families and companies admitted to the membership of the Chamber shall be responsible in all matters as an individual member for the acts and defaults of their servants and offices and shall similarly be entitled to the protection and privilege of the chamber.
Notice of Change in constitution of firms, companies etc, : 13. Wherever any Change takes place in the membership of any firm or in the Directors or member of the Governing Body of and company whether by the addition thereto or the death or retirement there form any partner Directors or member thereof the particulars of such Change and the name of each additional or substituted partner Director or member shall be notified in writing to the secretary the Chamber No Change in the constitution of partnership or an Hindu joint Family shall become operative as far the conditions laid down by the Board and are approved by the Board.
Change in name of constitution of firm : 13. (a) A Firm Shall not cease to be the trading member by reason of mere change of name or a change in the constitution of the firm occasioned by the admission retirement or death of a partner provided the business of the firm is a continuing one and provided that Board in its discretion decides to continue the trading membership without a fresh application or fresh admission fee or on such terms and condition as the board may deem fit to lay down .
Resignation of Membership : 14. Any member may resign from the Chamber by giving one mouth's notice in writing to the Chamber of his intention to do so and upon the expiration of such notice and acceptance of such resignation by the chamber he shall cease to be a member provided nevertheless he a Member of the chamber not be liable to refund to him any thing except the deposit.
Where a Member ceases to be a member: 15, Member shall cease to be Member and his name shall be removed from the register of members: -
(a) If he is declared to a defaulter by the Board of Directors or becomes or is adjudicated an Insolvent or is wound up except for purposes of reconstruction or suspends payment or become lunatic or of unsound mind ceases to have a place of business in uttar pradesh in the option of the Board,
(b) If he has falsely stated his qualifications at the time of applying or at any other time and in any of the foregoing circumstances provided the Board of Directors in meeting so decides to remove such a member on such ground,
(c) If he notwithstanding any notice or warnings issued by the Board and/or forward Markets Commission from time to time persists in behaving in a manner against such notices and warnings and the Board of Directors decides to remove him but in such cases the decision shall require the approval of the general body three fourth majority of the members present provided further that in the event of sub clause (a) above the deposit the defaulting member shall not be refundable in any case however in events narrated in sub clause (b) and (c) above such deposits of the removed member shall be refundable to him subject to any lien on the same as per these presents,
(d) If he is pronounced guilty of a criminal offence involving moral turpitude which in the opinion of the Board amounts to an act or conduct in contravention of the Rules and Regulations of the Chamber or to the detriment of discredit of the Chamber or is injurious to the welfare of the Chamber.
(e) If he resigns from the Chamber in manner provided here in before in the preceding clause,
(f) If he proceeds for any legal action in a Court against the Chamber in contravention of Arbitration clause of these articles from the date on which he files a suit against the Chamber,
(g) If he is found not to be doing any transaction of business through the Chamber at hapur continually for 12 months.
(h) if he fails to pay his annual subscription for the 6 months from the date if falls due shall not be removed without sending to the member one month's notice at his address given in the member and a subsequent resolution of the Board of Directors passed to this effect,
Expulsion of Members and other : 16 the Chamber shall have the power to expel suspend, fine, warn, reprimand and declare a defaulter any member or their employee or representative and the Board shall time to time frame and amend alter a repeal Rules as to when under which circumstances and by whom a member can be expelled, suspended, find, warned, reprimanded or declared a defaulter,
Power of Board to take action against member for misconduct : L 17. If appears to the Board that any particular member has not confirmed to the articles or Bye-laws, Rules and regulations of the Chamber or that any member of any conduct likely to reflect detrimentally on the chamber in the absolute opinion of the Board it shall be within the competence of the Board to take appropriate action against the member after giving him an opportunity to represent his case before the Board The action so taken shall be subject to the concurrence of the commission.
Liability of member against whom action is taken to continue : 18. Any member who for any reason ceases to be a member shall nevertheless remain liable for and shall pay to the chamber all monies which at the time such member ceases to be a member may be due from such member to the chamber but he shall not however be entitled to a refund of any subscription donation or fee paid by him in advance.
Member not to have rights and privileges after removal : 19 A Member whose name has been removed from the register of member will be deprived of all rights and privileges accorded to a member of the Chamber but he shall be bound to complete transactions standing in his or its name on the date of his removal and so far as those transactions are concerned he shall continue to enjoy all rights and privileges and he is liable to all obligations imposed by the rules and regulations of the Chamber.
Application of Admission fee, annual subscription etc : 20. All monies received by the chamber in respect of admission fee annual subscription fines penalties and otherwise whether under the Articles or Bye-laws shall belong to the Chamber absolutely and may be dealt with in such manner as the Board from time to time think fit,
Control of deposit money : 21 (a) All monies received by the Chamber as deposit from member and other whomsoever shall be deemed to be under the absolute control of the Chamber the Chamber shall be entitled subject to the provisions of these Articles to use them for any of the Chamber in the same manner as if these monies belonged to the Chamber absolutely.
21(b) The deposit of a member shall be liable to be utilized in the case of failure of a member to fulfil the engagement obligations to the Chamber to the rules regulations and bye-laws of the Chamber by the Chamber which shall have first lien on the amount of the deposit in respect of such member be subject to the second lien in favour of other member in respect of engagement obligations or liabilities in his or its capacity as a member of the Chamber whether the period for the payment fulfillment discharge there of shall have actually arrived or not The deposit or part there of to be repaid if any to a member shall be repaid within a period of one month from the date on which all the liabilities of the member are fully met with.
Register of members : 22 (a) The chamber shall keep a register of members and its index which shall comply with the provisions of section 150 and 151 of Companies Act 1956, The register shall also contain particulars of the style constitution and a partnership the full names of all the partners and in the case of a joint Hindu family the name and address of its manager and in the case of joint stock companies the names and addresses of its Directors In the case of members the register shall also contain particulars of their respective addresses in Hapur.
(b) Every trading member shall notify the Chamber in writing of any change affecting any of the entries in the register within three months of such change the Board shall be entitled to impose a penalty by way of fine not exceeding Rs. 500/-
(c) A trading member who is the sole owner the membership admits one or more individuals as his partner or partner or a member who is a firm alters its constitution or change its name or style or being corporate body or society alters its constitution or engagements with any other company or society or transfer its business except by way of sale for case then on an application by the trading member to the Board and upon such terms and conditions the Board may deem fit impose such member may be permitted to transfer his or its membership of the chamber to his partnership of reconstituted firm or to the corporate body or society.
Certificate of Trading : 23. Every trading member shall be entitled to have a certificate regarding his trading membership which shall be given by the Chamber under the common seal signed by the secretary if any such certificate be lost destroyed or defaced the Board shall issue a duplicate certificate to the member on payment of a fee exceeding Rs.100/- as may be prescribed be the Board from time to time in that behalf,
ORDINARY MEMBER
4. Any person or persons who were members of the chamber as on 11th Feb 1959 shall have a right to continue as ''Ordinary Member'' of the Chamber on payment of an annual subscription of Rs. 100/-No person or person shall be enrolled as an Ordinary Member of the Chamber hereafter.
25. Deleted
26. The member on the rolls of the Chamber on 11th Feb. 1959 shall be eligible to become trading member of the Chamber on their satisfying the condition laid down for the purpose in these articles except that.
(i) No admissions fee shall be payable by them provided they apply within one month from the date this Article comes into effect and
(ii) An admission fee of Rs. 2500/- shall be payable by each member concerned if the application is made after the period prescribed in clause (i) above
(iii) The Membership of Ordinary Non trading member enrolled after the 11th Feb 1959 shall stand abolished.
27. An ordinary member shall cases to be an ordinary member on his ceasing to be a trading member provided he was enrolled as an ordinary member after the 11th Feb, 1959 .
Appointment of Authorised representative: 28. Every trading member shall from time to time by nomination writing singed by some one else to be its Authorised representative who shall have a place of business at Hapur and who shall have full authority to conduct and manage such trading member's business if any such trading member being an individual fails to nominate a representative he shall be deemed to have nominated himself provided he has a place of business at Hapur in any other case shall not be allowed to trade.
No person shall be appointed Authorised representative for more than one member.
The Chamber will be discharged of all liability or responsibility in dealing with such representative inb respect of business transacted or registered with the Chamber.
Register of authorized representative: 29. The chamber shall maintain a register of a authorized representative which shall be conclusive evidence of the person named therein being the authorized representative of the member nominating him.
29. (A) In the event of a trading member being joint holders all the joint holders from time to time by nomination in writing signed by all of them or a person helping general power of attorney from all them nominate any of themselves or a person duly authorized and having a place of business in Hapur and who shall have full authority to conduct and manage such member's business in the commodities or their products or by products for which the Chamber is recognized under the Forward contracts (Regulation) Act 1952, in Hapur to be its authorized representative In case no such nomination is made the joint holders first named in the books of the Chamber shall be deemed to have been so nominated.
Firms etc. to be represented by its member and responsible for acts: 30. The partner of a firm of membership of a Hindu joint Family shall be entitled represent the partnership or Family and the partnership or Family shall be responsible in all matters as an individual member for any act, commission or default of his or its representative.
Board's power to enquire into financial commitments of the member : 31. if at any time the Board suspect or comes to know or if it is brought to its notice that the financial condition or commitments of any trading member are beyond his means the Board is empowered to enquire into his financial position and after giving the trading member an opportunity to represent his case if the Board by two-third majority of those present and voting is satisfied that any further commitments by such trading member will involve the other trading members into a loss it of the forward markets commission.
The Board by a simple majority shall cause the name such a trading member to be remove from the register of Trading Members.
VOTE OF MEMBERS
Right to vote : 32 No member other or his its authorized representative shall be entitled to vote in respect of any matter placed before the Chamber at any general meeting in which by reason of their functional interest only the trading Member are actually interested Every Member shall have one vote whether on a show 2:31 PM 1/30/2004of hands or at a poll except the Chairman who shall have in addition a casting vote.
Voting by Guardians : 33. if any member be Lunatic or idiot he may vote by his legal guardian.
Objection to vote when & how made: 34. No objection shall be raised to the qualification of any vires except to the Chairman at the meeting or adjourned meeting at which the vote objected to is given or tendered and the decision of the Chairman shall be final and conclusive. |
