1. Public warehousing is a contract pursuant to which the warehouseman, whether an individual, a company or a public person, undertakes to receive and store goods for the account of the bailer or any other person to whom ownership or possession thereof devolves, as per the instruments representing the same. 2. No public warehouse vested with the right to issue negotiable instruments representing the goods warehoused may be constructed or invested without a license issued by the competent authority in the relevant Emirate, as per the terms and conditions as are laid down by the Minister of Economy, in consultation with the competent local authority in the relevant Emirate. 3. Any warehouse where goods are received for storage and no storage receipt and pledge deed are issued against such goods shall not be subject to the provisions of public warehouses. 4. Any person who invests a public warehouse shall cover it with an insurance against risks of fire, damage and theft.
Interpretation and application must be checked against the official text and current version.