46. Chairperson, members, officers and other employees of Authority to be public servants.—
The Chairperson, members, officers and other employees of Authority and Appellate Authority shall be
deemed, when acting or purporting to act in pursuance of any of the provisions of this Act, to be public
servants within the meaning of section 21 of the Indian Penal Code (45 of 1860).
47. Protection of action taken in good faith.—No suit, prosecution or other legal proceeding shall
lie against the Central Government or any officer of the Central Government or any member, officer or
other employee of the Authority for anything which is in good faith done or intended to be done under
this Act or the rules or regulations made there under:
Provided that nothing in this Act shall exempt any person any suit or other proceedings which might,
apart from this Act, be brought against him.
48. Delegation of powers.—The Authority may, by general or special order in writing, delegate to
the Chairperson or any other member or officer of the Authority subject to such conditions, if any, as may
be specified in the order, such of its powers and functions (excluding the power to make regulations under
section 51) under this Act as it may deem necessary.
49. Exemption from tax on wealth and income.—Notwithstanding anything contained in the
Wealth-tax Act, 1957 (27 of 1957), the Income-tax Act, 1961 (43 of 1961) or any other enactment for the
time being in force relating to tax on wealth, income, profits or gains, the Authority shall not be liable to
pay wealth-tax, income-tax or any other tax in respect of their wealth, income, profits or gains derived.
50. Power of Central Government to make rules.—(1) The Central Government may, by
notification, make rules for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may
provide for all or any of the following matters, namely:—
(a) the form and manner in which an application for obtaining a certificate of registration for
commencing or carrying on the business of warehousing issuing negotiable warehouse receipts may
be made and the fees which shall accompany such application under sub-section (2) of section 4;
(b) the form in which a certificate for registration of warehouses may be issued under sub-section
(3) of section 4;
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(c) the financial, managerial and other eligibility criteria and competence which an applicant for
registration of warehouses shall satisfy under sub-section (4) of section 4;
(d) the qualification and other requirements which a person applying for functioning as an
accreditation agency shall fulfill under sub-section (2) of section 5;
(e) the form and manner in which an application for registration as an accreditation agency may
be made and the fees which shall accompany such application under sub-section (3) of section 5;
(f) the form of certificate of registration of accreditation agency under sub-section (4) of section
5;
(g) the salary and allowances payable to, and the other terms and conditions of service of the
Chairperson and other members under section 28;
(h) such other powers that may be exercised by the Authority under clause (p) of sub-section (2)
of section 35;
(i) the form and manner of maintenance of annual statement of accounts to be maintained by the
Authority under sub-section (1) of section 38;
(j) the form and manner in which and the time within which returns and statements and
particulars are to be furnished by the Authority to the Central Government under sub-section (1) of
section 39;
(k) the form and the manner in which an appeal may be made to the Appellate Authority and the
fee which shall accompany such appeal under sub-section (2) of section 42;
(l) the procedure to be followed by the Appellate Authority in disposing of an appeal under subsection (3) of section 42;
(m) any other matter which is required to be, or may be, prescribed, or in respect of which
provision is to be or may be made by rules.
51. Power of Authority to make regulations.—(1) The Authority may, with the previous approval
of the Central Government, and in consultation with the Warehousing Advisory Committee, by
notification, make regulations consistent with this Act and the rules made thereunder to carry out the
provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may
provide for all or any of the following matters, namely:—
(a) the matters regulating the authorities of accreditation agencies under sub-section (2) of section
3;
(b) the form and manner and the period for which a warehouseman shall keep the records and
accounts of the warehousing business under sub-section (2) of section 8;
(c) the manner of disposal of goods or any part thereof and the keeping of sale proceeds in an
escrow account by the warehouseman under sub-section (7) ofsection 9;
(d) the mode of sale under sub-section (10) of section 10;
(e) the manner of issuance of duplicate warehouse receipt under the proviso to sub-section (2) of
section 23;
(f) the time and places of meetings of the Authority and the procedure to be followed at such
meetings including the quorum necessary for the transaction of business under sub-section (1) of
section 31;
(g) the terms and conditions of service of officers and other employees of the Authority under
sub-section (2) of section 33;
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(h) the registration and functioning of accreditation agencies, renewal, modification, withdrawal,
suspension or cancellation of such registration and the code of conduct for officials of accreditation
agencies for accreditation of the warehouses under clause (b) of sub-section (2) of section 35;
(i) the standards for approval of certifying agencies for grading of goods under clause (f) of subsection (2) of section 35;
(j) the rate of fees and other charges to be levied for carrying out the provisions of this Act under
clause (h) of sub-section (2) of section 35;
(k) any other matter which is required to be, or may be, specified by regulations or in respect of
which provision is to be or may be made by regulations.
52. Rules and regulations to be laid before Parliament.—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 anything previously done under that rule or regulation.
53. Act to have overriding effect.—The provisions of this Act shall have effect notwithstanding
anything inconsistent therewith contained in any other law for time being in force or in any instrument
having effect by virtue of any law other than this Act.
54. Power to remove difficulties.—(1) If any difficulty arises in giving effect to the provisions of
this Act, the Central Government may, by order, published in the Official Gazette, make such provisions
not inconsistent with the provisions of this Act as appear to it to be necessary for removing the difficulty:
Provided that no such order shall be made under this section after the expiry of three years from the
date of commencement of this Act.
(2) Every order made under this section shall, as soon as may be after it is made, be laid before each
House of Parliament.
55. Amendment of Act 2 of 1899.—After section 8B of the Stamp Act, 1899, the following section
shall be inserted, namely:—
“8C.Negotiable warehouse receipts not liable to stamp duty.—Notwithstanding anything
contained in this Act, negotiable warehouse receipts shall not be liable to stamp duty.”