Buyers; Qualifications.
Section 10
SEC. 10. Buyers; Qualifications.—No person shall buy tobacco from farmers and any authorized seller unless duly registered and licensed by the PVTA: Provided, That no license shall be issued unless the applicant; has the financial capacity to buy a definite minimum quantity of tobacco, which shall not be less than 250,000 kilograms from farmers and other authorized sellers during a particular trading season; is willing to execute a purchase commitment; can post a bond in the amount of not less than fifty thousand pesos in favor of the PVTA to secure faithful compliance by him of his obligations as a buyer, including but not limited to the payment of liquidated damages in case of failure to buy his purchase commitment and the payment of research and regulation fees; and is willing to establish, operate and maintain a trading center(s) is such a place or places to be designated by PVTA in which he shall buy tobacco from farmers and other authorized sellers in accordance with the manner and procedure prescribed herein; Provided, however, That an Association, organization or consortium of the tobacco dealers may be allowed for special reasons to execute and sign the required purchase commitment for the purpose of the issuance of licenses unto and in favor of its members, or the agents or representatives as may be designated by such members, for whom the said association, organization or consortium of tobacco dealers is acting and whose identities must be disclosed and who, upon being found to be otherwise qualified and eligible hereunder to engage in tobacco trading, shall be issued the corresponding license to buy in their own respective names and account. Such associations, organization or consortium may execute and sign the purchase commitment alone or jointly and severally with its members; Provided, finally, That the bond herein required may be waived entirely by the PVTA upon showing by the buyer or by any other interested party of good and special reasons, such as, but not limited to, the financial stability and solvency of the buyer or his evident capability to comply with his purchase commitment and his other obligations as a buyer.