Section 1
SECTION 1. For the purpose of developing and improving the rice and corn industries in all their phases, of stabilizing the prices of rice and corn, and of promoting the social and economic conditions of the people who are engaged in the production of these staple foods, a corporation is hereby created which shall be known as the National Rice and Corn Corporation and shall be referred to herein as Corporation. All assets and liabilities of the defunct NARIC which were turned over to the PRISCO by virtue of Executive Order No. 350 are hereby transferred to this new Corporation. The National Rice and Corn Corporation shall be organized within one month after the date of the approval of this Act and shall exist for a term of thirty years from the said date. The Corporation shall have its main office in the City of Manila.