Be it enacted by the National Assembly of the Philippines:SECTION 1. A corporation is created which shall he known as "National Tobacco Corporation," which shall be organized within six months after the date of the approval of this Act aid shall exist for a term of thirty years from the said date. The Corporation shall have its main office in the City of Manila.
SEC. 2. The National Tobacco Corporation shall have the following objects:
- To promote the:effective merchandising of leaf to bacco in the domestic and foreign markets so that those engaged in the tobacco industry will be placed on a basis of economic security;
- To establish and maintain such balance-between production and consumption of leaf tobacco, and such marketing conditions therefor, as will insure the payment of living wages to tobacco farmers and laborers;
- To improve the living and economic condition of tobacco farmers and laborers by the gradual and effective correction of the inequalities existing in the industry; and
- To improve the quality of the various types and varieties of leaf tobacco grown in commercial scale on the Philippines.
SEC. 3. For carrying out the foregoing objectives, the National Tobacco Corporation shall have authority: