The Warehousing Corporations Act 1962
madhya-pradesh · 1962
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1The Warehousing Corporations (Supplementary) Act, 1965 extends the application of the 1962 Act to additional states.
- S. 2Section 2 defines key terms used in the Warehousing Corporations Act, including "agricultural produce," "appropriate Government," and "Central Warehousing Corporation."
- S. 3Establishes the Central Warehousing Corporation as a body corporate with perpetual succession and powers to acquire, hold, and dispose of property.
- S. 4Section 4 outlines the authorized share capital and subscription process for the Central Warehousing Corporation, with the Central Government subscribing for 40% and other financial institutions for the remaining 60%.
- S. 5Section 5 guarantees Central Government backing for Central Warehousing Corporation shares and classifies them as approved securities.
- S. 6Section 6 outlines the management structure of the Central Warehousing Corporation, vesting control in a board of directors guided by the Central Government.
- S. 7Section 7 outlines the composition of the board of directors for the Warehousing Corporations, including nominees from various government and financial entities.
- S. 8Disqualification for office of director of the Central Warehousing Corporation
- S. 9Leather, leather goods and pickers
- S. 10Appointment of officers, etc
- S. 11Section 11 outlines the functions of the Central Warehousing Corporation, including acquiring warehouses, storing agricultural produce, and facilitating transport and storage.
- S. 12Section 12 establishes the Executive Committee of the Central Warehousing Corporation, detailing its composition and authority.
- S. 13Section 13 outlines the procedures for annual and special meetings of the Central Warehousing Corporation, including shareholder rights and board responsibilities.
- S. 14Section 14 allows the Central Government to provide grants and loans to the Central Warehousing Corporation for its funds.
- S. 15The section mandates the Central Warehousing Corporation to maintain two separate funds: the Warehousing Fund and the General Fund.
- S. 16Section 16 establishes the Warehousing Fund, detailing its sources and uses for advancing loans and subsidies for warehousing agricultural produce.
- S. 17Section 17 details the crediting and application of funds to the General Fund for the Central Warehousing Corporation's expenses and operations.
- S. 18Section 18 allows the State Government to establish a State Warehousing Corporation with the Central Warehousing Corporation's approval.
- S. 19Section 19 outlines the authorized share capital and subscription process for State Warehousing Corporations in Madhya Pradesh.
- S. 20Section 20 outlines the management structure of a State Warehousing Corporation, detailing the composition and roles of its board of directors and managing director.
- S. 21Section 21 prohibits certain individuals from serving as directors of a State Warehousing Corporation due to mental incapacity, insolvency, criminal conviction, or government service dismissal.
- S. 22Section 22 allows the State Government to remove the managing director and the board to remove any director for specified reasons.
- S. 23Appointment of officers, etc
- S. 24Section 24 outlines the functions of the State Warehousing Corporation, including acquiring warehouses, storing agricultural goods, and acting as an agent for the Central Warehousing Corporation.
- S. 25Section 25 establishes the Executive Committee of a State Warehousing Corporation, outlining its composition and powers.
- S. 26Section 26 mandates Warehousing Corporations to prepare and submit yearly activity and financial plans for approval by respective governments.
- S. 27Section 27 outlines the borrowing powers and fund-raising methods for Warehousing Corporations in Madhya Pradesh.
- S. 28Section 28 mandates that all funds of a Warehousing Corporation must be deposited in specified banks.
- S. 29The Warehousing Corporation can invest its funds in government securities or as prescribed by the government.
- S. 30Disposal of profits - (1) Every Warehousing Corporation shall establish a reserve fund out of its annual net profits
- S. 31Section 31 mandates Warehousing Corporations to maintain proper accounts, have them audited by qualified auditors, and report findings to shareholders.
- S. 32Vacancies, etc
- S. 33Section 33 allows a Warehousing Corporation to delegate its powers and functions to officers for efficient operations.
- S. 34Section 34 grants each shareholder one vote per share in warehouse corporation meetings.
- S. 35Section resolves disputes between Central and State Warehousing Corporations by referring them to the Central Government for a final decision.
- S. 36Section mandates directors, auditors, officers, and employees of Warehousing Corporations to declare fidelity and secrecy before duties.
- S. 37Section 37 provides directors of Warehousing Corporations with indemnity against losses and expenses from their duties, except for willful misconduct.
- S. 38Section penalizes unauthorized use of a Warehousing Corporation's name in advertisements, with imprisonment or fine.
- S. 39The section deems Warehousing Corporations as companies for income tax purposes, except for guaranteed sums and interest from such sums.
- S. 40Section 40 specifies that a Warehousing Corporation can only be wound up by the appropriate government's order.
- S. 41Section 41 empowers the government to make rules to implement the Warehousing Corporations Act, including corporation functions, director nominations, and financial reporting.
- S. 42Section 42 empowers Warehousing Corporations to create regulations for internal affairs, subject to government approval.
- S. 43Repeal and savings