58. Futures contracts not gaming or wagering contracts
Feedback & supportLast amended by an amending law of 1995.
For the purpose of this Act and any other written law or rule of law, a futures contract made at a futures market or leveraged foreign exchange trading shall not be regarded as a contract of gaming or wagering.
futures contract
“futures contract” means a contract the effect of which is that —(a)one party agrees to deliver a specified commodity, or a specified quantity of a specified commodity, to another party at a specified future time and at a specified price payable at that time pursuant to terms and conditions set forth in the business rules or practices of a Futures Exchange or a futures market; or(b)the parties will discharge their obligations under the contract by settling the difference between the value of a specified quantity of a specified commodity at the time of the making of the contract and at a specified future time, such difference being determined in accordance with the business rules or practices of the Exchange or futures market at which the contract is made,and includes a futures option transaction;