Section 1
SECTION 1. The Secretary of Agriculture and Commerce, Philippine National Bank, and the National Development Company are hereby directed to establish, operate, and maintain warehouses wherein copra and, if space is available, other marketable products shall be accepted for deposit at reasonable rates of fees under such rules and regulations as they shall promulgate. For this purpose they are directed, to acquire be lease or otherwise, suitable warehouses in places where, in their opinion, the establishment and operation of such warehouses are justified, and they 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 other suitable person. Any officer or employee or person in charge of any of the warehouses created under this Act shall have the privilege of being bonded in the Fidelity Fund.