An Act Authorizing the Philippine National Bank, the National Development Company, and the Secretary of Agriculture and Commerce to Establish and Maintain Warehouses for Tobacco and Other Marketable Products
Commonwealth Act No. 95, enacted on October 27, 1936, authorizes the Philippine National Bank, the National Development Company, and the Secretary of Agriculture and Commerce to establish and maintain warehouses for tobacco and other marketable products. These warehouses can accept products for deposit at reasonable fees, and they are directed to acquire suitable locations for their operation. The Act also allows for the issuance of quedans and receipts for deposited products under the Warehouse Receipts Act. Furthermore, municipalities can acquire and operate these warehouses within their jurisdictions, subject to specific agreements for reimbursement of establishment costs. The Act took effect upon its approval.
Quick Answers
- What is An Act Authorizing the Philippine National Bank, the National Development Company, and the Secretary of Agriculture and Commerce to Establish and Maintain Warehouses for Tobacco and Other Marketable Products about?
- Commonwealth Act No. 95, enacted on October 27, 1936, authorizes the Philippine National Bank, the National Development Company, and the Secretary of Agriculture and Commerce to establish and maintain warehouses for tobacco and other marketable products. These warehouses can accept products for deposit at reasonable fees, and they are directed to acquire suitable locations for their operation. The Act also allows for the issuance of quedans and receipts for deposited products under the Warehouse Receipts Act. Furthermore, municipalities can acquire and operate these warehouses within their jurisdictions, subject to specific agreements for reimbursement of establishment costs. The Act took effect upon its approval.
- What type of law is Commonwealth Act No. 95?
- An Act Authorizing the Philippine National Bank, the National Development Company, and the Secretary of Agriculture and Commerce to Establish and Maintain Warehouses for Tobacco and Other Marketable Products (Commonwealth Act No. 95) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was An Act Authorizing the Philippine National Bank, the National Development Company, and the Secretary of Agriculture and Commerce to Establish and Maintain Warehouses for Tobacco and Other Marketable Products enacted?
- An Act Authorizing the Philippine National Bank, the National Development Company, and the Secretary of Agriculture and Commerce to Establish and Maintain Warehouses for Tobacco and Other Marketable Products (Commonwealth Act No. 95) was enacted on Oct 27, 1936.
- What is the citation for An Act Authorizing the Philippine National Bank, the National Development Company, and the Secretary of Agriculture and Commerce to Establish and Maintain Warehouses for Tobacco and Other Marketable Products?
- An Act Authorizing the Philippine National Bank, the National Development Company, and the Secretary of Agriculture and Commerce to Establish and Maintain Warehouses for Tobacco and Other Marketable Products, Commonwealth Act No. 95, Oct 27, 1936 (Philippines)
Law Information
- Reference Number
- Commonwealth Act No. 95
- Date Enacted
- Category
- Statutes
- Subcategory
- Commonwealth Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
October 27, 1936
COMMONWEALTH ACT NO. 95
AN ACT AUTHORIZING THE PHILIPPINE NATIONAL BANK, THE NATIONAL DEVELOPMENT COMPANY, AND THE SECRETARY OF AGRICULTURE AND COMMERCE TO ESTABLISH AND MAINTAIN WAREHOUSES FOR TOBACCO AND OTHER MARKETABLE PRODUCTS
SECTION 1. The Secretary of Agriculture and Commerce, the Philippine National Bank, and the National Development Company are hereby authorized to establish, operate, and maintain warehouses wherein tobacco shall be accepted for deposit at reasonable rates of fees, under such rules and regulations as they shall promulgate. If space is available, marketable products other than tobacco may be accepted for deposit in said warehouses. For this purpose, they are directed to acquire, by lease or otherwise, suitable warehouses in places where, in their opinion, the establishment and operation of such warehouses are justified, and they may employ the services of any officer or employee of the Government with the approval of the respective Department Head, or if such officer or employee is not available, they may employ the services of any suitable person. Any officer or employee or person in charge of any warehouses created under this Act shall have the privilege of being bonded in the Fidelity Fund. DcICEa
SECTION 2. Quedans and receipts shall be issued for the products so deposited in accordance with the Warehouse Receipts Act.
SECTION 3. The Philippine National Bank and the National Development Company are hereby authorized to invest out of the funds under their control such amount as may be needed for the establishment, operation and maintenance of the warehouses herein provided for, under such regulations and in accordance with such arrangement as may be agreed upon between them and the Secretary of Agriculture and Commerce: Provided, however, That upon the request of a municipality, the latter may acquire and operate any of the warehouses located within its jurisdiction and established pursuant to this Act, and operate and maintain the same in accordance with Act Numbered Three thousand nine hundred and twenty-nine, and under such arrangement as may be agreed upon between said municipality and the Government institutions and authorities concerned, for the reimbursement of the money invested in the establishment of said warehouses.
SECTION 4. This Act shall take effect upon its approval.
Approved, October 27, 1936.
Cite This Law
An Act Authorizing the Philippine National Bank, the National Development Company, and the Secretary of Agriculture and Commerce to Establish and Maintain Warehouses for Tobacco and Other Marketable Products, Commonwealth Act No. 95, Oct 27, 1936 (Philippines)
An Act Authorizing the Philippine National Bank, the National Development Company, and the Secretary of Agriculture and Commerce to Establish and Maintain Warehouses for Tobacco and Other Marketable Products, Commonwealth Act No. 95 (Phil. 1936)
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