Warehousing Corporations Act, 1962
No: 58 Dated: Dec, 19 1962
The Warehousing Corporations Act, 1962
Act No. 58 of 1962
An Act to provide for the incorporation and regulation of corporations for the purpose of warehousing of agricultural produce and certain other commodities and for matters, connected therewith.
CHAPTER I
Preliminary
1. Short title, extent and commencement. (1) This Act may be called the Warehousing Corporations Act, 1962.
(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) "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, the Central Government, and in relation to a State Warehousing Corporation, the State Government;
This Act shall, in its application to the States specified in the Schedule to Act 20 of 1965, have effect as if in clause (e) of section 2 the words and figures "being a commodity with respect to which Parliament has power to make laws by virtue of entry 33 in List III in the Seventh Schedule to the Constitution" had been omitted: vide Act 20 of 1965, Section 2 (w.e.f. 27-11-1965).
(c) "Central Warehousing Corporation" means the Central Warehousing Corporation established under section 3;
(d) "co-operative society" means a society registered or deemed to be registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law with respect to co-operative societies 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 insurance business and includes a co-operative land mortgage bank;
(dd) "nationalised bank" means a corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970); [or a corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980).
(e) "notified commodity" means any commodity (other than agricultural produce) which the Central Government may, by notification in the Official Gazette, declare to be a notified commodity for the purposes of this Act, being a commodity with respect to which Parliament has power to make laws by virtue of entry 33 in List III in the Seventh Schedule to the Constitution;
(f) "prescribed" means prescribed by rules under this Act;
(g) "recognised association" means an association which is for the time being recognised by the Central Government under section 6 of the Forward Contracts (Regulation) Act, 1952 (74 of 1952);
(h) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934);
(i) "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.) [, 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 State established or deemed to be established under this Act;
(l) "Warehousing Corporation" means a Warehousing Corporation established or deemed to be established under this Act; and
(m) "year" means the financial year.
2A. Construction of references to any law not in force or any functionary not in existence in any State. Any reference in this Act to any law which is not in force, or any functionary not in existence, in any State, shall, in relation to that State, be construed as a reference to the corresponding law in force, or the corresponding functionary in existence, in that State.