In this Act, unless there is anything repugnant in the subject or context,-
(1) "Association" means any association, organization or body of individuals whether incorporated or not, established for the purpose of regulating and controlling business of the sale or purchase of, or other transactions relating to any goods ;
(2) "Contract" means a contract entered into, made or to be performed in whole or in part in any notified area relating to the sale or purchase of any goods to which this Act applies :
Provided that the Provincial Government may by notification in the Official Gazette direct any contract or class of contracts to be excluded from the provisions of this Act, subject to such conditions as the Provincial Government may deem fit to impose ;
(3) "Forward contract" means a contract for the delivery of goods at a future date and which is not a ready delivery contract ;
(4) "Goods" means any kind of moveable property and includes securities but does not include money or actionable claims ;
(5) "Government security" means a Government security as defined in the Indian Securities Act, 1920 (X of 1920) ;
(6) "Notified area" means any area specified in the notification under sub-section (3) of section 1 ;
(7) "Option in goods" means a contract for the purchase or sale of a right to buy, or a right to sell, or a right to buy or sell goods in future and includes a gully, a teji, a mandi or a teji-mandi in goods ;
(8) "Person" includes a firm ;
(9) "Ready delivery contract", means a contract which provides for delivery and payment of price either immediately or within such number of days not exceeding seven after the date of the contract and under such conditions as the Provincial Government may, from time to time, by notification in the Official Gazette, specify in this behalf in respect of any particular goods ;
(10) "Recognised association" means an association which is for the time being recognised by the Provincial Government as provided in section 3;
(11) "Securities" includes shares, scrips, stocks, bonds, debentures, debenture stocks, or other marketable security of like nature in or of any incorporate company or other body corporate and Government securities.