Title : Transfer of Non-negotiablereceipts
State : Central
Year : 2007
(1) A non-negotiable warehouse receipt may be transferred by the holder by delivery to a purchaser or donee of the goods in writing executed by the holder. (2) A person to whom the goods covered by a non-negotiable warehouse receipt is transferred acquires-- (a) the title of the transferor to the goods; and (b) the right to deposit with the warehouseman the receipt or duplicate thereof or to give notice in writing to the warehouseman of the transfer. (3) The transferee shall acquire the benefit of the obligation of the warehouseman to hold goods in storage for him according to the terms of the receipt upon deposit of the transfer of the, goods and on giving notice in writing of the transfer and upon the warehouseman having a reasonable opportunity of verifying the transfer. ..... View Complete Act List Judgments citing this sectionTitle : Conclusiveness of Negotiable Warehouse Receipt
State : Central
Year : 2007
In the hands of a holder who has purchased a negotiable warehouse receipt for valuable consideration, it shall be conclusive evidence of the goods described in it as against the warehouseman or any person claiming through him. View Complete Act List Judgments citing this sectionTitle : Presumption in Certain Cases
State : Central
Year : 2007
In a dispute between an endorser of a negotiable warehouse receipt and his endorsee unless it is proved otherwise, it shall be presumed that-- (a) the endorsement has been made voluntarily; (b) the endorsement has been made for full consideration; (c) the endorser had full legal title in the goods represented by the receipt; and (d) the endorsement has extinguished all the rights, title and interest of the endorser in the goods. View Complete Act List Judgments citing this sectionTitle : Composition of Authority
State : Central
Year : 2007
The Authority shall consist of-- (a) a Chairperson; and (b) not more than two other members, to be appointed by the Central Government from amongst persons of ability, integrity and standing who have wide knowledge and experience in inventory management, insurance, preservation, quality control, agriculture banking, finance, economics, law or administration. View Complete Act List Judgments citing this sectionTitle : Salary, Allowances and Other Terms and Conditions of Chairpersonsand Other Members
State : Central
Year : 2007
Subject to the rules as may be made in this behalf, the salaries and allowances payable to, and other terms and conditions of service of-- (a) the Chairperson shall be the same as that of a Secretary to the Government of India; (b) the other members of the Authority shall be the same as that of Joint Secretaries to the Government of India. View Complete Act List Judgments citing this sectionTitle : Chairperson to Be the Chief Executive of Authority
State : Central
Year : 2007
The Chairperson shall be the chief executive of the Authority. View Complete Act List Judgments citing this sectionTitle : Accounts and Audit
State : Central
Year : 2007
(1) The Authority shall maintain proper accounts and other relevant records and prepare an annual statement of accounts in such form and manner as may be prescribed by the Central Government in consultation with the Comptroller and Auditor-General of India. (2) The accounts of the Authority shall be audited by the Comptroller and Auditor-General of India at such intervals as may be specified by him and any expenditure incurred in connection with such audit shall be payable by the Authority to the Comptroller and Auditor-General. (3) The Comptroller and Auditor-General of India and any other person appointed by him in connection with the audit of the accounts of the Authority shall have the same rights, privileges and authority in connection with such audit as the Comptroller and..... View Complete Act List Judgments citing this sectionTitle : Offences and Penalties
State : Central
Year : 2007
(1) Any warehouseman knowingly issuing a negotiable warehouse receipt without taking the actual physical delivery of the goods in his warehouse or a warehouseman or an agent or servant of the warehouseman who issues a warehouse receipt without reasonably satisfying himself that the goods for which such warehouse receipt is issued have actually been received or the number, weight or grade of the goods corresponds to the number, weight or grade specified in the warehouse receipt or the goods are under his actual control at the time of issuing such warehouse receipt, commits an offence and shall be punishable with imprisonment for a term which may extend to three years or with fine which may extend to four times the value of the goods or with both. (2) A warehouseman or an agent or..... View Complete Act List Judgments citing this sectionTitle : Rules and Regulations to Be Laid Before Parliament
State : Central
Year : 2007
Every rule made by the Central Government and every regulation made by the Authority under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or regulation or both Houses agree that the rule or regulation should not be made, the rule or regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of..... View Complete Act List Judgments citing this sectionTitle : Requirement of Registration for Warehouses Issuing Negotiable Warehouse Receipts
State : Central
Year : 2007
(1) No person shall commence or carry on the warehousing business unless he has obtained a registration certificate in respect of the concerned warehouse or warehouses granted by the Authority under this Act: Provided that a person carrying on the warehousing business immediately before the commencement of this Act shall be allowed to carry on such business, in case he has made an application for registration within thirty days from the date of such commencement: Provided further that no such registration shall be required for warehouses which do not propose to issue negotiable warehouse receipt. Explanation.--For the removal of doubts, it is hereby clarified that a warehouse registered under this Act shall also be eligible to issue non-negotiable warehouse receipts. (2)..... View Complete Act List Judgments citing this section