42.—(1) Where it appears to the Board that a Commodity Futures Exchange, a clearing house or any person has failed to comply with or is contravening any of the provisions of this Act or any regulations made thereunder, or is restraining trading in commodity futures contracts, the Board may, after giving the Exchange, clearing house or any such person an opportunity of being heard —
(a)
direct the Exchange, clearing house or such person to comply with that provision or to cease contravention of that provision; or
(b)
direct the Exchange, clearing house or such person to desist from restraining trading in futures contracts,
and the Exchange, clearing house or such person shall comply with the direction.
(2) A Commodity Futures Exchange, a clearing house or any person who fails, without reasonable excuse, to comply with a direction given under subsection (1) that is applicable to him shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 2 years or to both.
(3) A Commodity Futures Exchange, a clearing house or any person aggrieved by any direction given under subsection (1) may, within one month after he is notified of the direction, appeal to the High Court.
(4) Notwithstanding the lodging of an appeal under subsection (3), any direction of the Board given under this section shall continue to have force and effect until such time as the High Court makes a decision on the appeal.