Registry, Licensing of Warehouses.
Section 13
SEC. 13. Registry, Licensing of Warehouses. — No warehouseman shall engage in the business of grain storage unless duly registered and licensed by the Administration: Provided, That no warehouseman shall be issued a license who has not complied with the rules and regulations to be hereinafter promulgated by the Administration, or be a person convicted of a crime involving moral turpitude. It shall not be prohibited for a person, natural or juridical, who owns or operates a mill for rice or corn registered and licensed under this Act, to own and/or operate a warehouse engaged in the business of accepting palay, corn or other grains for storage and deposit under the quedan system and vice-versa: Provided, That the licensees shall be required to keep separate accounts or contracts for the milling and the warehousing operations to forestall the possible violation of this provision, thereby keeping wholly separable the milling operations and warehousing operations. In order to further strengthen the quedan system, the Council shall promulgate such policy and/or restrictions as may be desired to guarantee the integrity of the quedan system and to encourage the banking system to finance and support such quedan system. With the approval of the Central Bank of the Philippines, and subject to the registration and licensing authority of the Administration, private banks or consortiums thereof may lease or own and operate warehouses any law to the contrary notwithstanding.