TMI BlogPower of Central Government to supersede governing body of a recognised stock exchange.X X X X Extracts X X X X X X X X Extracts X X X X ..... Central Government is of opinion that the governing body of any recognised stock exchange should be superseded, then, notwithstanding anything contained in any other law for the time being in force, in the Central Government may serve on the governing body a written notice that the Central Government is considering the supersession of the governing body for the reasons specified in the notice and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sub-section (1) may exercise and perform all the powers and duties of the governing body which has been superseded; (c) all such property of the recognised stock exchange as the person or persons appointed under sub-section (1) may, by order in writing, specify in this behalf as being necessary for the purpose of enabling him or them to carry on the business of the stock exchange, shall vest i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e which has vested in, or was in the possession of, the person or persons appointed under sub-section (1), shall re-vest or vest, as the case may be, in the governing body so re-constituted: Provided that until a governing body is so re-constituted, the person or persons appointed under sub-section (1) shall continue to exercise and perform their powers and duties. ************ 1 Pow ..... X X X X Extracts X X X X X X X X Extracts X X X X
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