Section 3
SEC. 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.