The Warehousing Corporations Act, 1962

(1) This Act may be called the WarehousingCorporations Act, 1962. (2) It extends to the whole of India 1* * *. (3) It shall come into force on such date2as the Central Government may, by notification in theOfficial Gazette, appoint.

In this Act, unless the context otherwise requires,-- (a) "agricultural produce" means any of the following classes of commodities, namely:-- (i) foodstuffs, including edible oil-seeds; (ii) cattle fodder, including oil-cakes and other concentrates; (iii) raw cotton, whether ginned or unginned, and cotton seed; (iv) raw jute; and (v) vegetable oils; (b) "appropriate Government" means in relation to the Central Warehousing Corporation, theCentral Government, and in relation to a State Warehousing Corporation, the State Government; (c) "Central Warehousing Corporation" means the Central Warehousing Corporationestablished under section 3; (d) "co-operative society" means a society registered or deemed to be registered under the CooperativeSocieties Act, 1912 (2 of 1912), or under any other law with respect to co-operativesocieties for the time being in force in any State, which is engaged in the processing, marketing,storage, export or import of agricultural produce or any notified commodity or in insurancebusiness and includes a co-operative land mortgage bank; 1[(dd) "nationalised bank" means a corresponding new bank specified in the First Schedule tothe Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970); 2[or acorresponding new bank specified in the First Schedule to the Banking Companies (Acquisitionand Transfer of Undertakings) Act, 1980 (40 of 1980).] (e) "notified commodity" means any commodity (other than agricultural produce) which theCentral Government may, by notification in the Official Gazette, declare to be a notifiedcommodity for the purposes of this Act, being a commodity with respect to which Parliament haspower to make laws by virtue of entry 33 in List III in the Seventh Schedule to the Constitution; (f) "prescribed" means prescribed by rules made under this Act; (g) "recognised association" means an association which is for the time being recognised bythe Central Government under section 6 of the Forward Contracts (Regulation) Act, 1952 (74 of1952); (h) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank ofIndia Act, 1934 (2 of 1934); (i) "scheduled bank" means a bank for the time being included in the Second Schedule to theReserve Bank of India Act, 1934 (2 of 1934) 3[, and includes a nationalised bank]; (j) "State Bank" means the State Bank of India constituted under the State Bank of India Act,1955 (23 of 1955); (k) "State Warehousing Corporation" means a Warehousing Corporation for a Stateestablished or deemed to be established under this Act; (l) "Warehousing Corporation" means a Warehousing Corporation established or deemed tobe established under this Act; and (m) "year" means the financial year.

1[2A. Construction of references to any law not in force or any functionary not in existencein any State.--Any reference in this Act to any law which is not in force, or any functionary not inexistence, in any State, shall, in relation to that State, be construed as a reference to the correspondinglaw in force, or the corresponding functionary in existence, in that State.]

(1) With effect from such date as the CentralGovernment may, by notification in the Official Gazette, specify in this behalf, the CentralGovernment shall establish a Corporation by the name of the Central Warehousing Corporation whichshall be a body corporate having perpetual succession and a common seal with power to acquire, holdand dispose of property and to contract, and may, by the said name, sue and be sued. (2) The head-office of the Central Warehousing Corporation shall be at New Delhi 1[or at suchother place as the Central Government may, by notification in the Official Gazette, specify].

(1) The authorised share capital of the CentralWarehousing Corporation shall be twenty crores of rupees divided into two hundred thousand sharesof the face value of one thousand rupees each; any shares remaining to be issued may be issued, withthe sanction of the Central Government from time to time, as and when the Central WarehousingCorporation may deem fit: 1[Provided that the Central Government may, from time to time, by order notified in the OfficialGazette, increase the authorised share capital of the Central Warehousing Corporation to such extentand in such manner as that Government may determine.] (2) 2[The Central Government shall, after due appropriation made by Parliament by law for thepurpose,] subscribe for forty per cent. of the share capital issued at any time and the remaining sixtyper cent. of the share capital may be subscribed for, within such period and in such proportion as maybe specified by the Central Government, by the following institutions, namely:-- (a) the State Bank; (b) other scheduled banks; (c) co-operative societies; (d) insurance companies, investment trusts and other financial institutions; (e) recognised associations and companies dealing in agricultural produce or any notifiedcommodity. (3) If any portion of the sixty per cent. of the share capital referred to in sub-section (2) remainsunallotted, it may be subscribed for by the Central Government and the State Bank in such proportionas may be agreed upon between them and in default of such agreement, as may be determined by theCentral Government. (4) The shares of the Central Warehousing Corporation shall not be transferable except to theCentral Government, 3[the State Bank or any other scheduled bank], any insurance company, anyinvestment trust or other financial institution or any co-operative society or any recognised associationor company dealing in agricultural produce or any notified commodity, in accordance with theregulations made by the Central Warehousing Corporation under this Act.