Amending the Penultimate Paragraph of Section 15 of P.D. No. 992
Presidential Decree No. 1020, issued on September 22, 1976, amends a specific paragraph in Presidential Decree No. 992 concerning the Republic of the Philippines' guarantee on bond payments by a corporation. The amendment clarifies that the government will cover both principal and interest payments if the corporation fails to fulfill its obligations, with necessary funds appropriated from the National Treasury. This decree is effective immediately.
Law Information
- Reference Number
- Presidential Decree No. 1020
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Presidential Decrees
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
September 22, 1976
PRESIDENTIAL DECREE NO. 1020
AMENDING THE PENULTIMATE PARAGRAPH OF SECTION FIFTEEN OF PRESIDENTIAL DECREE NUMBERED NINE HUNDRED NINETY-TWO
I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, in order to effect minor amendments to existing law and needed corrections of certain typographical errors therein, do hereby order and decree the following:
The penultimate paragraph of Section 15 of Presidential Decree No. 992 is hereby amended to read as follows:
"The Republic of the Philippines hereby guarantees the payment by the Corporation of both the principal and the interest on the bonds so issued, and shall pay such principal and interest in case the Corporation fails to do so, and in order to make the payments so guaranteed, such sums as may be necessary are hereby appropriated out of any funds in the National Treasury not otherwise appropriated."
SECTION 2. This Decree shall take effect immediately.
DONE in the City of Manila, this 22nd day of September, in the year of Our Lord, Nineteen Hundred and Seventy-Six.
Cite This Law
Amending the Penultimate Paragraph of Section 15 of P.D. No. 992, Presidential Decree No. 1020, Sep 22, 1976 (Philippines)
Amending the Penultimate Paragraph of Section 15 of P.D. No. 992, Presidential Decree No. 1020 (Phil. 1976)
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