This Act establishes the Tanzania Warehouse Licensing Board as a body corporate and provides rules relative to warehousing of goods in Tanzania and a system of warehouse receipts for trading and credit purposes and negotiation and transfer of warehouse receipts. It also sets out rights and obligations of warehouse operators. The Act shall apply to Mainland Tanzania in respect of all agricultural commodities and to such other goods as the Minister may declare by Order published in the Gazette.
The Authority shall: (a) license warehouses, warehouse operators and warehouse inspectors; (b) issue negotiable warehouse receipts books; and (c) to carry out and perform such other functions as are conferred or imposed on it by this Act or Regulations made under this Act or as may be assigned or directed by the Minister.
In relation to warehouse receipts a person acquires proprietary rights in the goods if that person is entitled to the ownership of the goods: (a) in return for a binding commitment to extend credit or for extension of an immediately available credit, whether or not drawn; (b) as security for or in total or partial satisfaction of a pre-existing claim; (c) by accepting delivery under a pre-existing contract for purchase; or (d) in return for any consideration sufficient to support a pre-existing contract.