Amendment to Act No. 3335, as Amended
Act No. 3838, approved on November 7, 1931, amends previous legislation regarding the repayment of loans for constructing waterworks systems, markets, and other revenue-generating projects. It establishes a Loan Board composed of three members appointed by the Governor-General, responsible for managing the loan fund and setting rules for loan distribution. Loans are capped at 150,000 pesos for provinces and 50,000 pesos for municipalities, with repayment periods not exceeding ten years, or fifteen years for specific projects based on repayment capacity. The Act emphasizes that no loans or interest can be remitted, and the borrowing entity must prove its repayment capability before receiving funds.
Quick Answers
- What is Amendment to Act No. 3335, as Amended about?
- Act No. 3838, approved on November 7, 1931, amends previous legislation regarding the repayment of loans for constructing waterworks systems, markets, and other revenue-generating projects. It establishes a Loan Board composed of three members appointed by the Governor-General, responsible for managing the loan fund and setting rules for loan distribution. Loans are capped at 150,000 pesos for provinces and 50,000 pesos for municipalities, with repayment periods not exceeding ten years, or fifteen years for specific projects based on repayment capacity. The Act emphasizes that no loans or interest can be remitted, and the borrowing entity must prove its repayment capability before receiving funds.
- What type of law is Act No. 3838?
- Amendment to Act No. 3335, as Amended (Act No. 3838) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Amendment to Act No. 3335, as Amended enacted?
- Amendment to Act No. 3335, as Amended (Act No. 3838) was enacted on Nov 7, 1931.
- What is the citation for Amendment to Act No. 3335, as Amended?
- Amendment to Act No. 3335, as Amended, Act No. 3838, Nov 7, 1931 (Philippines)
Law Information
- Reference Number
- Act No. 3838
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 7, 1931
ACT NO. 3838
AN ACT TO AMEND ACT NUMBERED THIRTY-THREE HUNDRED AND THIRTY-FIVE, AS AMENDED BY ACT NUMBERED THIRTY-FIVE HUNDRED AND THIRTY-TWO, EXTENDING THE TIME FOR THE REPAYMENT OF LOANS GRANTED FOR THE CONSTRUCTION OF WATERWORKS SYSTEMS, MARKETS AND OTHER REVENUE-PRODUCING IMPROVEMENTS, AND FOR OTHER PURPOSES
SECTION 1. Section two of Act Numbered Thirty-three hundred and thirty-five, as amended by Act Numbered Thirty-five hundred and thirty-two, is hereby further amended so that it shall read as follows:
"SEC. 2. A Loan Board is hereby created which shall be composed of three members who shall be appointed by the Governor-General, with the consent of the Senate, among the officers of the Insular Government, and who shall serve without additional compensation under this Act. This Board shall manage the fund hereby created, and shall establish rules and conditions for the granting of said loans: Provided, however, That no loan shall be granted for a period in excess of ten years, except in the case of loans for the construction of waterworks systems, markets and other revenue-producing improvements, which may be granted for a longer period to be determined upon the basis of the maximum paying capacity of the province or municipality concerned, but not exceeding fifteen years: Provided, further, That no loan shall be granted in excess of one hundred and fifty thousand pesos to a province and of fifty thousand pesos to a municipality or chartered city: Provided, also, That no loan from this fund nor interest on such loan shall be remitted under any consideration: And provided, finally, That no loan shall be granted unless the province, municipality, or city concerned shall first have demonstrated its capacity to repay the same within the time stipulated for such payment."
SECTION 2. This Act shall take effect on its approval.
Approved, November 7, 1931.
Cite This Law
Amendment to Act No. 3335, as Amended, Act No. 3838, Nov 7, 1931 (Philippines)
Amendment to Act No. 3335, as Amended, Act No. 3838 (Phil. 1931)
Related Laws
- Amendment to Act No. 3335Act No. 3532 • Oct 24, 1929 • Statutes
- Special Fund for Loans to Provinces, Municipalities, and Chartered CitiesAct No. 3335 • Dec 7, 1926 • Statutes
- Amendment to Act No. 1537, as AmendedAct No. 4068 • Sep 11, 1933 • Statutes
- Amendment to Act No. 1499, as AmendedAct No. 3920 • Aug 8, 1932 • Statutes
- Amendment to Act No. 1537, as AmendedAct No. 3923 • Oct 4, 1932 • Statutes
- Amendment to Act No. 2938, as AmendedAct No. 3979 • Dec 3, 1932 • Statutes
Browse More Statutes
Explore other laws in the Statutes category.
View All StatutesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law