Amendment status not verified — confirm the current text below against the official source.
For the purposes of the Income Tax Act, 1961, a Warehousing Corporation shall be deemed to be a company within the meaning of that Act and shall be liable to income-tax and super- tax accordingly in its income, profits and gains: Provided that, in the case of the Central Warehousing Corporation, any sum paid by the Central Government under the guarantee given in pursuance of sub-section (1) of section 5 or, in the case of Warehousing Corporation, any sum paid by the Central or a State Government under any guarantee given in pursuance of sub-section (4) of section 27 shall not be treated as income, profits and gains of a Warehousing Corporation, and any interest on the debentures or bonds issued by that Corporation out of such sums shall not be treated as expenditure incurred by it; Provided further that in the case of any shareholder or debenture-holder such portion of a dividend or interest as has been paid out of any such sum advanced by the Central Govt. shall be deemed to be his income from interest on securities declared to be income-tax free within the meaning of section 86 of that Act. No provision of law relating to the winding up of companies or corporations shall apply to a Warehousing Corporation and any such Corporation shall not be placed in liquidation save by order of the appropriate Government and in such manner as it may direct. (1) The appropriate Government may, by notification in the official Gazette, make rules fo carry out the purposes of this Act. (2) Without prejudice to the generality of the foregoing power, such rules may provide for (a) the additional functions which a Warehousing Corporation may perform; (b) the manner of nomination and election of the directors of the Central Warehousing Corporation and the period within which such directors shall be nominated or elected; (c) the term of office of, and the manner of filling casual vacancies among, and the remuneration payable to the directors of a Warehousing Corporation; (d) the manner of choosing directors on the Executive Committee of Warehousing Corporation; (€) the authorised capital of a State Warehousing (59) Scanned by CamScanner Corporation within the limit specified in subsection (I) of section 19; (f) the form of the annual statement of accounts and the balance sheet to be prepared by a Warehousing Corporation. (9) the deposit of moneys of a Warehousing Corporation in a scheduled bank or a cooperative bank; (h) the manner of issuing shares of a Warehousing Corporation, the calls to be made in respect thereof, and all other matters incidental to the issue of shares; (i) any other matter which has to be or may be prescribed. (3) Every rule made by the Central Government under this section shall be laid as soon as may be after it is made, before each House of Parliament while it is in session for a total period of thirty days which may be Comprised in one session or in two Or more successive sessions, and if, before the expiry of the session in which it is so laid or the successive session aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect as the case may be. So however that any such modification or annulment shall be without prejudice 1 to the validity of anything previously done under that rule. Power of 42, (1) A Warehousing Corporation may, with the previous Warehousing sanction of the appropriate Government, by notification m::z:;;‘:‘s in the Official Gazette, make regulations not inconsistent with this Act and the rules made there-under to provide for all matters for which provision is necessary or expedient for the purposes of giving effect to the provisions of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for (@) the conditions of service of and the remuneration payable to, the officers and other employees of a Warehousing Corporation; (b) the mannerin which, and the Conditions subject to which, shares of the Central Warehousing Corporation mav be transferred; (60) Scanned by CamScanner Repeal and savings 28 of 1556 26 of