Section 1325 in The Warehousing Corporations Act, 1962
1325.
Under the Agricultural Produce (Development and Warehousing) Corporations Act, 1956. two interdependent bodies. namely, the National Co-operative Development and Warehousing Board and the Central Warehousing Corporation were established and they were under administrative control of the Ministry of Food and Agricultural. Subsequently, as a result of re-allocation of business among the Ministries, the twobodiescame under the administrative control of two different Ministries namely the Ministry of Community Development and Co-operation and the Ministry of Agriculture and Food. In the interest of better functioning of the two bodies and for administrative convenience, it has been decided that the two bodies should function independently under separate enactments. A Bill has already been introduced for establishing a separate National Co-operative Development Corporation in place of the existing Board. The present Bill seeks to provide for the establishment of a Central Warehousing Corporation and the each State, a State Warehousing Corporation.Under this Bill, the Central Warehousing Corporation will continue to perform the same functions as the existing Corporation. The Central Government will be a shareholder to the extent of forty per cent. of the shares of the Corporation in the place of National Co-operative Development Board, while the other shareholders of the existing Corporation will become the other share-holders of the new Corporation. The new Corporation will also maintain the Warehousing Fund. The existing State Warehousing Corporations shall be deemed to be the Warehousing Corporations established for the respective States under the new law." - Gazette of India, 3-12-1962, Pt. II, Section 2. Ext., p. 766.Amending Act 34 of 1963. - Section 3(2) of the Warehousing Corporations Act, 1962, provides that the head-office of the Central Warehousing Corporation shall be situated at New Delhi. Government consider that they should be in a position to locate the head-office at any place which might be convenient and suitable. This would be in consonance with the scheme of the Government of India for the disposal of offices from Delhi. The Bills seeks to amend section 3(2) of the Act suitably so that the proposal might be implemented, if necessary. - Gazette of India, 13-8-1963, Pt. II, Section 2. Ext., p. 478.Amending Act 42 of 1976. - The Warehousing Corporations Act, 1962, was enacted 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. Under the scheme of the Act, the Central Warehousing Corporation and State Warehousing Corporations. have been entrusted with the tast of building of and providing scientific storage facilities in different parts of the country. With the growing activities of the Central and State Warehousing Corporations in providing scientific storage facilities, some difficulties have been experienced, which are now proposed to be removed. This has become particularly necessary in the context of creation of additional warehousing capacities during the Fifth Plan period. The authorised share capital of the Central Warehousing Corporation and of some of the State Warehousing Corporations has been fully paid up. Provision is therefore being made to empower the Central Government to increase the share capital of the Warehousing Corporations. At present a Warehousing Corporation can borrow money only from the Reserve Bank or State Bank among the various financial institutions.The need for a Warehousing Corporation seeking finances from additional non-budgetary resources has also been felt. Provision is therefore being made to enable a Warehousing Corporation to borrow money also from nationalised banks or such other financial institutions as may be approved by the Central Government. Similarly, provision is being made to enable a Warehousing Corporation to deposit money in any nationalised bank in the same manner as in the Reserve Bank or State Bank. There is no provision in the Act for meeting from the Warehousing Fund, the expenditure incurred in relation to the administration of that Fund and this is being met from the General Fund. It is proposed to provide that expenditure incurred on the administration of the Warehousing Fund and on the training of personnel and publicity and propaganda for the promotion of warehousing scheme in relation to agricultural produce and notified commodities shall he met out of the Warehousing Fund. In pursuance of Government's derision on the recommendations of Administrative Reforms Commission provision is also being made for submission by the Warehousing Corporation of such returns, statistics, accounts and other information with respect to its property and activities as Government may require. Opportunity is also being taken to amend the rule lying formula to bring it in conformity with the recommendation of the Committee or Subordinate Legislation.2. The Bill seeks to achieve the above objects.- Gazette of India, 30-1-1976, Pt. II, Section 2, Ext., p. 560.[19th December, 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.
