Figure having limited time to act (7)
I believe the answer is:
statute
'act' is the definition.
(I know that statute is a type of act)
'figure having limited time' is the wordplay.
'figure' becomes 'statue' (statue is a kind of figure).
'having limited' indicates putting letters inside (inserted letters get constrained or limited).
'time' becomes 't' (abbreviation).
'statue' going around 't' is 'STATUTE'.
'to' acts as a link.
(Other definitions for statute that I've seen before include "Set taut (anag.)" , "Act of law" , "Legal enactment" , "Written law" , "Law, rule" .)