Warehouse Receipt (General) Regulations, 2020

These Regulations are made in accordance with the provisions of the Warehouse Receipt Act. They provide for the procedure for the registration for warehouse operators, the registration of warehouses, the licensing of warehousepersons, etc. It gives details for the application, issuance, renewal, surrender and duration of certificates and licenses. The Regulations require that applicants for warehouse operator’s registration certificate must insure the warehouse against fire, explosion, employee misconduct, burglary and theft. Essentially, the Regulations provide for the warehouse receipts system which means part or the whole of the process of depositing commodities in a registered warehouse, the issuance of a warehouse receipt reflecting the quantity and quality of the deposited commodity, the regulation of warehouses and actors associated in the process, among others. The Warehouse Receipt contains certain information and terms including the name and address of the warehouse where the goods are stored, the warehouse registration number, the date of issue of the receipt, among others. There are some other security requirements for warehouse receipts which are extensively provided for, for instance, every warehouse operator shall file with the Registrar the name and specimen of signature of each person authorized to sign warehouse receipts and any changes or additions to such authorization shall be communicated to the Registrar by the warehouse operator. Furthermore, the Regulations designate warehouse receipts as negotiable instruments. The Regulations provide for the appointment of inspectors to ensure the effective enforcement of the Regulations.