Amendment to Sec. 8 of Act No. 3050
Act No. 3454, approved on December 3, 1928, amends a provision of Act No. 3050 regarding annual pensions for teachers in the Philippine public schools. The amendment specifies that loans secured by real estate in Manila and nearby municipalities cannot exceed 50% of the property's fair appraised value. It also establishes that such loans cannot exceed five years in duration and limits the total investments made by the Board in real estate to 50%. The act is effective immediately upon approval.
Law Information
- Reference Number
- Act No. 3454
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
December 3, 1928
ACT NO. 3454
AN ACT TO AMEND SUBSECTION (C) OF SECTION EIGHT OF ACT NUMBERED THREE THOUSAND AND FIFTY, ENTITLED "AN ACT TO PROVIDE ANNUAL PENSIONS FOR TEACHERS EMPLOYED IN THE PHILIPPINE PUBLIC SCHOOLS; TO APPROPRIATE MONEY AND REGULATE THE DISBURSEMENT THEREOF," AS AMENDED BY ACT NUMBERED THREE THOUSAND AND ONE HUNDRED
SECTION 1. The first paragraph of subsection (c) of section eight of Act Numbered Three thousand and fifty, as amended by Act Numbered Three thousand and one hundred, is hereby amended to read as follows:
"(c) In first liens upon improved, productive, and unencumbered real estate in the City of Manila and adjacent municipalities, with a title duly registered under Act Numbered Four hundred and ninety-six, as amended: Provided, That no loan shall be made upon the security of real estate in excess of fifty per centum of the fair appraised value thereof, to be determined in such manner as the Board shall prescribe, subject to the rule that the durable income from such real estate shall constitute the main factor in the determination of value: And provided, further, That no loan shall be made for a period exceeding five years, and that not more than fifty per centum of the total investments made by the Board shall be on the security of real estate."
SECTION 2. This Act shall take effect on its approval.
Approved, December 3, 1928. aIcETS
Cite This Law
Amendment to Sec. 8 of Act No. 3050, Act No. 3454, Dec 3, 1928 (Philippines)
Amendment to Sec. 8 of Act No. 3050, Act No. 3454 (Phil. 1928)
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