Control of Prices Act, 1932
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Effect of orders under Parts III and VI and certificates under Part IV on existing contracts. |
47.—(1) Where a contract for the sale of any commodity which is the subject of a price order or a price certificate has been entered into before the date on which such order or certificate comes into force and the whole or any part of such contract is to be performed after such date, the following provisions shall have effect, that is to say:— | |
(a) nothing in Part III , Part IV , or Part VI of this Act shall affect such contract or any of the terms thereof; | ||
(b) anything done under such contract shall, for the purposes of Part III , Part IV , or Part VI of this Act, but not further or otherwise, be deemed to have been done before such date. | ||
(2) Where a tender to supply any commodity at certain prices during a certain period has been accepted before the date on which a price order or a price certificate relating to such commodity comes into force and the person making such tender is legally bound, subject to the terms of such tender, to supply such quantities of such commodity as may from time to time be ordered from him during the said period, every contract effected by an order for such commodity during the said period and after such date shall be deemed for the purposes of sub-section (1) of this section to have been entered into before such date. | ||
(3) In this section— | ||
the expression “price order” means any order made by the Minister under either Part III or Part VI of this Act, and | ||
the expression “price certificate” means any certificate made by the Controller under Part IV of this Act. |