Question & AnswerQ&A (Act No. 3469)
The short title of Act No. 3469 is the "Bonded Rice Warehouse Act."
No person, company, or corporation shall engage in the business of receiving rice for storage without first securing a license from the Director of the Bureau of Commerce and Industry.
The license is annual and expires on the thirty-first day of December each year.
The application must set forth the place or places where the business and warehouses will be established and the maximum quantity of rice to be received for storage at any time.
The application must be accompanied by a cash bond or bond secured by real estate or signed by a bonding company, equal to the aggregate value of the maximum amount of rice to be stored. The rate is six pesos per cavan of husked rice and two pesos and fifty centavos per cavan of unhusked rice.
The bond is conditioned to respond to depositors for the market value of the rice stored if the warehouseman cannot deliver the rice or pay its value upon withdrawal.
Licensed persons, companies, or corporations must insure the rice received against fire and may collect the insurance premiums from depositors.
They must keep complete records of all rice stored, receipts issued, withdrawals, and quedans returned and cancelled.
The Director can require information, enforce the provisions of the Act, and suspend or revoke the license of any warehouseman who violates the Act.
Any person, company, or corporation convicted of such violations shall be fined up to five thousand pesos.
The Act took effect on January 1, 1930.
Provisions of Act No. 2137 that are not inconsistent with the Bonded Rice Warehouse Act are applicable to the latter to carry out its provisions.