The Warehousing Corporations Act, 1962
The Warehousing Corporations Act, 1962, Act No. 58 of 1962, was enacted by Parliament on 19 December 1962 to incorporate and regulate Central and State Warehousing Corporations for storing agricultural produce and notified commodities. The supplied text incorporates later amendments and records that the Act came into force on 18 March 1963.
What the Act governs
The Warehousing Corporations Act, 1962 creates the legal framework for the Central Warehousing Corporation and State Warehousing Corporations. Its stated purpose is warehousing agricultural produce and certain other commodities, together with connected matters.
The Act extends to the whole of India. The source records that it came into force on 18 March 1963 through a Central Government notification in the Official Gazette.
Agricultural produce includes foodstuffs, edible oil seeds, cattle fodder, raw cotton, cotton seed, raw jute and vegetable oils. The Central Government may declare other goods to be notified commodities through an Official Gazette notification.
Central Warehousing Corporation
The Warehousing Corporations Act, 1962 requires the Central Government to establish the Central Warehousing Corporation by notification. The Corporation is a body corporate with perpetual succession and a common seal.
Key provisions include:
- The Corporation may acquire, hold and dispose of property.
- It may enter into contracts and may sue or be sued in its own name.
- Its head office is at New Delhi or another place notified by the Central Government.
- Its affairs and business are managed by a board of directors, assisted by an Executive Committee and a managing director.
- The board must act on business principles, consider the public interest and follow Central Government policy instructions.
- The Central Government guarantees repayment of the principal on shares and payment of an annual dividend at the minimum rate fixed when the shares are issued.
State corporations and administration
The Warehousing Corporations Act, 1962 also provides for State Warehousing Corporations. Its chapters cover their establishment, share capital, management, directors, employees, functions and Executive Committees.
The wider framework also covers activity programmes, financial estimates, borrowing, deposits, investment, profits, accounts, audits, reports, delegation, shareholder voting, disputes between Central and State corporations, winding up, rules and regulations.
Who may be affected
The Warehousing Corporations Act, 1962 primarily affects warehousing corporations, governments, banks, cooperative societies, insurers, financial institutions and businesses dealing in agricultural produce or notified commodities. It is not presented as a general law governing private land purchases. However, it may be relevant when property is being acquired, held or disposed of by the Central Warehousing Corporation.
This summary is generated from the source document to help you find what is relevant. The PDF above is authoritative. For advice on your own property, use LandLens One or speak to a qualified professional.
Common questions
Does the Warehousing Corporations Act, 1962 apply across Tamil Nadu?
Yes. The Act extends to the whole of India, which includes Tamil Nadu.
Does this Act regulate an ordinary private land purchase?
The supplied text regulates Central and State Warehousing Corporations rather than general private land purchases. It may be relevant if the property is acquired, held or disposed of by the Central Warehousing Corporation.
Can the Central Warehousing Corporation own or sell property?
Yes. The Act gives the Central Warehousing Corporation power to acquire, hold and dispose of property and to enter into contracts.
What goods are covered as agricultural produce?
Agricultural produce includes foodstuffs, edible oil seeds, cattle fodder, raw cotton, cotton seed, raw jute and vegetable oils. Other commodities may be covered if the Central Government declares them to be notified commodities in the Official Gazette.
