Section 15 of The Warehousing Corporations Act, 1962
The Central Warehousing Corporation shall maintain two separate funds, namely:--
- (a)the Central Warehousing Fund (hereinafter referred to as the Warehousing Fund); and
- (b)the General Fund.
Summary
- The Central Warehousing Corporation is legally obligated to keep its finances divided into two distinct parts.
- The first required part is called the Central Warehousing Fund, but the Act commonly refers to it simply as the Warehousing Fund.
- The second required part is called the General Fund.
- The Corporation must maintain these two funds separately at all times.
Practical examples
FAQ
1. How many funds does the Corporation have to maintain?
The Corporation must maintain exactly two separate funds.
2. What is the name of the first fund?
It is the Central Warehousing Fund, which is also referred to as the Warehousing Fund.
3. What is the name of the second fund?
It is called the General Fund.
Test yourself
Q1.Under Section 15 of The Warehousing Corporations Act, 1962, how many separate funds is the Central Warehousing Corporation required to maintain?
Q2.Under Section 15 of The Warehousing Corporations Act, 1962, what is the formal name given to the first fund, which is later referred to simply as the Warehousing Fund?
Q3.Under Section 15 of The Warehousing Corporations Act, 1962, what is the exact name of the second fund the Corporation must maintain?
Q4.Under Section 15 of The Warehousing Corporations Act, 1962, who is responsible for maintaining these two separate funds?