Food Corporations Act, 1964
No: 37 Dated: Dec, 10 1964
THE FOOD CORPORATIONS ACT, 1964
ACT NO. 37 OF 1964
An Act to provide for the establishment of Food Corporations for the purpose of trading in foodgrains and other foodstuffs and for matters connected therewith and incidental thereto.
BE it enacted by Parliament in the Fifteenth Year of the Republic of India as follows:—
CHAPTER I
PRELIMINARY
1. Short title, extent and commencement.—(1) This Act may be called the Food Corporations Act, 1964.
(2) It extends to the whole of India.
(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
2. Definitions.—In this Act, unless the context otherwise requires,—
(a) “Corporation” means the Food Corporation of India established under section 3;
(b) “Food Corporation” means the Food Corporation of India established under section 3 or a State Food Corporation established under section 17;
(bb) “foodstuffs” includes edible oilseeds and oils;
(c) “prescribed” means prescribed by rules made under this Act;
(d) “scheduled bank” means a bank for the time being included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934);
(e) “State Food Corporation” means a State Food Corporation established under section 17;
(f) “year” means the financial year.
CHAPTER II
THE FOOD CORPORATION OF INDIA
3. Establishment of Food Corporation of India.—(1) With effect from such date as the Central Government may, by notification in the Official Gazette, specify in this behalf, the Central Government shall establish for the purposes of this Act a Corporation known as the Food Corporation of India.
(2) The Corporation shall be a body corporate with the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property and to contract, and may, by that name, sue and be sued.
4. Offices and agencies.—(1) The head office of the Corporation shall be at Madras or at such other place as the Central Government may, by notification in the Official Gazette, specify.
(2) The Corporation may establish offices or agencies at other places in or outside India:
Provided that no such office or agency shall be established at any place outside India without the previous approval of the Central Government.
5. Capital of Corporation.—(1) The original capital of the Corporation shall be such sum not exceeding one hundred crores of rupees as the Central Government may fix.
(2) The Central Government may from time to time increase the capital of the Corporation to such extent and in such manner as that Government may determine.
(3) Such capital may be provided by the Central Government from time to time after due appropriation made by Parliament by law for the purpose and subject to such terms and conditions as may be determined by that Government.