The objects of this Bill are to —
 (a) continue the existence of the Warehouse Licensing Authority and re-define its functions; (b) reconstitute the Board of the Warehouse Licensing Authority and re-define its functions; (c) establish the Electronic warehouse Receipt System and provide for its management; 
(d) regulate warehouses that issue warehouse receipts in the Republic; 
(e) provide for the rights and obligations of warehouse operators, depositors of agricultural commodities, holders of warehouse receipts, holders of agricultural charges and lenders under contracts of advance; 
(f) regulate contracts of advance and agricultural charges as security for agricultural commodities; (g) repeal and replace the Agriculture Credits Act, Cap.224; and 
(h) provide for matters connected with, or incidental, to the foregoing.