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National Cooperative Development Corporation Act, 1962 Complete Act

State: Central

Year: 1962

.....ofthe Expert Committee-S.O.R. Gaz. of Ind., 3-12-1973, Pt. II, S. 2. Ext.. p. 998. [THE] NATIONAL CO-OPERATIVE DEVELOPMENT CORPORATION ACT, 1962 (ACT 26 OF 1962)1[] An Act to provide for the incorporation and regulation of a corporation for the purpose of planning and promoting programmes for the production, processing, marketing storage, export and import of agricultural produce, foodstuffs "industrial goods, livestock, certain other commodities and services on co-operative principles and for matters connected therewith or incidental thereto". Be it enacted by Parliament in the Thirteenth Year of the Republic of India as follow :- SECTION 01: SHORT TITLE, EXTENT AND COMMENCEMENT (1) This Act may be called The National Co-operative Development Corporation Act, 1962. (2) It extends to the whole of India1[* * * * *] (3) It shall come into force on such date" as the Central Government may, by notification in the Official Gazette, appoint. SECTION 02: DEFINITIONS - In this Act, unless the context otherwise requires,- 3(a) "agricultural produce" includes the following : (i) edible and non-edible oil seeds; (ii) cattle feed, including oilcakes and other ingredients; (iii).....

National Co-operative Development Corporation Act, 1962 Section 9

Title: Functions of Corporation

State: Central

Year: 1962

.....territories, on the guaranteeof Central Government; 3 [Providedthat no such guarantee shall be required in cases in which security to thesatisfaction of the Corporation is furnished by the borrowing co-operativesociety;] (f)participate in the share capital of the national level co-operative societiesand other co-operative societies having objects extending beyond one State.] (3)The Corporation shall so exercise its functions under this section as not tointerfere with the activities of the Khadi and Village Industries Commissionestablished under the Khadi and Village Industries Commission Act, 1956. ________________________ 1.Substituted by the NationalCo-operative Development Corportion (Amdt.) Act, 1974 (3of 1974), Section. 8 (1-4-1974). 2.Substitutedfor "plan and promote" by The National Co-Operative Development Corporation(Amndt) Act, 2002 . w.e.f. 14.08.2002. 3. Inserted by The NationalCo-Operative Development Corporation (Amndt) Act, 2002. w.e.f. 14.08.2002. 4.Substituted for the words"agricultural produce", by the National Co-operative DevelopmentCorportion (Amdt.) Act, 1974(3 of 1974), Section. 8(1-4-1974). 5.Substituted for "andnotified commodities".....

National Co-operative Development Corporation Act, 1962 Section 12

Title: Grants by the Central Government to Corporation

State: Central

Year: 1962

The Central Government shall, after due appropriation made by Parliament by law in this behalf, pay to the Corporation- (a) by way of grant each year, such sum of money as is required by the Corporation for giving subsidies to State Governments and for meeting its administrative expenses;1[*] (b) by way of loan, such sum of money on such terms and conditions as the Central Government may determine;2[and] 2[(c) such additional grants, if any, for the purposes of this Act.] ________________________ 1. Omitted by the National Co-operative Development Corporation (Amdt.) Act, 1974 (3 of 1974), Section 10 (1-4-1974). 2. Inserted, by the National Co-operative Development Corporation (Amdt.) Act, 1974 (3 of 1974), Section 10 (1-4-1974).

National Co-operative Development Corporation Act, 1962 Section 13

Title: Corporation to Maintain Funds

State: Central

Year: 1962

.....of the Corporation and other administrative expenses of the Corporation; and (c) carrying out the purposes of this Act. 4[(3) All moneys in the Fund shall be deposited in the Reserve Bank or the State Bank or a nationalised bank or a scheduled bank or a State Co-operative Bank.] ________________________ 1. Inserted by the National Co-operative Development Corporation (Amdt.) Act, 1974 (3 of 1974), Section 12 (1-4-1974). 2. Inserted by The National Co-Operative Development Corporation (Amndt) Act, 2002. w.e.f. 14.08.2002. 3. Substituted for the word "officers", by the National Co-operative Development Corporation (Amdt.) Act, 1974 (3 of 1974), Section 12 (1-4-1974). 4. Substituted by The National Co-Operative Development Corporation (Amndt) Act, 2002 . w.e.f. 14.08.2002. Prior to substitution it read as under : "(3) All moneys in the Fund shall be deposited in the Reserve Bank or the [State Bank or a nationalised bank]."

National Co-operative Development Corporation Act, 1962 Section 24

Title: Repeal and Saving

State: Central

Year: 1962

.....the repealed Act (hereinafter referred to as the said Board), shall stand transferred to, and be maintained by, the Corporation established under section 3 of this Act; (b) all moneys and other securities belonging to the National Warehousing Development Fund which, immediately before the said date, was maintained by the said Board under the repealed Act, shall stand transferred to and be maintained by the Central Wareshousing Corporation; (c) all shares in the capital of the Central Warehousing Corporation held by the said Board shall stand transferred to the Central Government subject to the same liabilities as to payment of unpaid calls on such shares as the said Board was subject to; (d) anything done or any action taken (including any loan advanced, subsidy granted and appointment, delegation, rule or regulation made) under the repealed Act shall, in so far as it is not inconsistent with the provisions of this Act, be deemed to have been done or taken under this Act; and (e) all rights, liabilities and obligations of the said Board, whether arising out of any contract or otherwise, shall be the rights, liabilities and obligations respectively of the Corporation.....

Warehousing Corporations Act, 1962 Chapter II

Title: The Central Warehousing Corporation

State: Central

Year: 1962

..... 1["(ea) inter into, with the previous approval of the Central Government, joint ventures with any corporation established by or under any Central Act or any State Act or with any company formed and registered under the Companies Act, 1956 (1 of 1956) including foreign company or through its subsidiary companies, for carrying out the purposes of this Act. Explanation. - For the purpose of this clause, the expression "foreign company" shall have the meaning assigned to it under the clause (23A) of section 2 of the Income-tax Act, 1961(43 of 1961); (eb) establish subsidiary companies; and"] (f) carry out such other functions as may be prescribed. ________________________ 1. Inserted By The Warehousing Corporation (Amendment) Act, 2001 w.e.f. 01.11.2001. 2 . The word "and" omitted by The Warehousing Corporation (Amendment) Act, 2001 w.e.f. 01.11.2001. Section 12 - Executive Committee (1) There shall be an ExecutiveCommittee of the Central Warehousing Corporation which shall consist of-- (a) the Chairman 1 [ ****] of the board of directors; (b) the managing director; and (c) two other directors chosen by the Corporation in theprescribed manner. 2 (2) The.....

Warehousing Corporations Act, 1962 Section 16

Title: Warehousing Fund

State: Central

Year: 1962

.....shall be credited-- (a) all moneys and other securities transferred to the Central Warehousing Corporation under clause (c) of sub-section (2) of section 43; (b) such grants and loans as the Central Government way make for the purposes of the Warehousing Fund; and (c) such sums of money as may, from time to time, be realised out of the loans made from the Warehousing Fund or from interest on loans or dividends on investments made from that fund. (2) The Warehousing Fund shall be applied-- (a) for advancing loans to State Governments on such terms and conditions as the Central Warehousing Corporation may deem fit for the purpose of enabling them to subscribe to the share capital of State Warehousing Corporations; (b) for advancing loans and granting subsidies to State Warehousing Corporations or to State Governments on such terms and conditions as the Central Warehousing Corporation may deem fit for the purpose of promoting the warehousing and storage of agricultural produce and notified commodities, otherwise than through co- operative societies; 1[(c) for meeting the expenses incurred in relation to the training of personnel, or publicity and propaganda, for the.....

Warehousing Corporations Act, 1962 Complete Act

State: Central

Year: 1962

.....zzc[(ea) enter into, with the previous approval of the Central Government, joint ventures with any corporation established by or under any Central Act or any State Act or with any company formed and registered under the Companies Act, 1956 (1 of 1956) including foreign company or through its subsidiary companies, for carrying out the purposes of this Act. Explanation."For the purposes of this clause, the expression "foreign company" shall have the meaning assigned to it under clause (23-A) of Section 2 of the Income Tax Act, 1961 (43 of 1961);] zzc[(eb) establish subsidiary companies; and.] (f) carry out such other functions as may be prescribed. SECTION 12: EXECUTIVE COMMITTEE (1) There shall be an Executive Committee of the Central Warehousing Corporation which shall consist of-- (a) the Chairman and the Vice-Chairman of the board of directors; (b) the managing director; and (c) two other directors chosen by the Corporation in the prescribed manner. (2) The Chairman and the Vice-Chairman of the board of directors shall be the Chairman and the Vice-Chairman respectively of the Executive Committee. (3) Subject to the general control, direction and superintendence of.....