Amendments to Act No. 2818, as Amended
Act No. 3594, enacted on November 29, 1929, amends certain provisions of prior legislation related to agricultural loans in the Philippines. It allocates one million pesos exclusively for loans to agricultural credit cooperative associations for the cultivation of new rice or corn lands and the purchase of necessary agricultural implements, with a maximum interest rate of 6% per annum. Each individual loan is capped at one thousand pesos, and loans must be repaid by June 30, 1935, after which any delinquent properties revert to the government. The Act will remain in effect until that date, with ongoing proceedings continuing under its provisions until fully resolved.
Quick Answers
- What is Amendments to Act No. 2818, as Amended about?
- Act No. 3594, enacted on November 29, 1929, amends certain provisions of prior legislation related to agricultural loans in the Philippines. It allocates one million pesos exclusively for loans to agricultural credit cooperative associations for the cultivation of new rice or corn lands and the purchase of necessary agricultural implements, with a maximum interest rate of 6% per annum. Each individual loan is capped at one thousand pesos, and loans must be repaid by June 30, 1935, after which any delinquent properties revert to the government. The Act will remain in effect until that date, with ongoing proceedings continuing under its provisions until fully resolved.
- What type of law is Act No. 3594?
- Amendments to Act No. 2818, as Amended (Act No. 3594) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Amendments to Act No. 2818, as Amended enacted?
- Amendments to Act No. 2818, as Amended (Act No. 3594) was enacted on Nov 29, 1929.
- What is the citation for Amendments to Act No. 2818, as Amended?
- Amendments to Act No. 2818, as Amended, Act No. 3594, Nov 29, 1929 (Philippines)
Law Information
- Reference Number
- Act No. 3594
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 29, 1929
ACT NO. 3594
AN ACT FURTHER TO AMEND SECTIONS TWO AND FIVE OF ACT NUMBERED TWENTY-EIGHT HUNDRED AND EIGHTEEN, AS AMENDED BY ACT NUMBERED THREE THOUSAND AND THIRTY-NINE
SECTION 1. Sections two and five of Act Numbered Twenty-eight hundred and eighteen, as amended by Act Numbered Three thousand and thirty-nine, are hereby further amended to read as follows:
"SEC. 2. The sum of one million pesos so appropriated shall be invested exclusively in loans to agricultural credit cooperative association organized under Act Numbered Twenty-five hundred and eight and its amendments, subject to such conditions as the Secretary of Agriculture and Natural Resources may require: Provided, however, That such loans shall be granted only for the breaking and cultivation of new rice or corn lands which are, or have been, lying fallow, or for the purchase of the work cattle or agricultural implements necessary to increase said production. These loans shall bear interest at a rate not to exceed six per centum per annum: Provided, further, That each individual loan made by the associations to their members shall not be in excess of the sum of one thousand pesos, and that the maturity of said loans shall not extend beyond June thirtieth, nineteen hundred and thirty-five. At the expiration of said period, the entire capital and interest shall revert to the Insular Treasury, and the lands, cattle, or other property attached for delinquency shall become the property of the Government of the Philippine Islands, and the Director of Lands may, with the approval of the Secretary of Agriculture and Natural Resources, lease the same in accordance with the provisions of the Public Land Act or sell them to individuals only, in accordance with said Act."
"SEC. 5. This Act shall take effect on its approval and shall continue in force until June thirtieth, nineteen hundred and thirty-five, and all causes, proceedings, or actions of any nature begun, or that may have to be begun, under this Act after said date, shall be continued and carried on as if such Act were still in force, until the final conclusion of such causes, proceedings, or actions."
SECTION 2. This Act shall take effect on its approval.
Approved, November 29, 1929.
Cite This Law
Amendments to Act No. 2818, as Amended, Act No. 3594, Nov 29, 1929 (Philippines)
Amendments to Act No. 2818, as Amended, Act No. 3594 (Phil. 1929)
Related Laws
- An Act to Encourage the Increase of the Rice and Corn Production in the Philippine Islands, to Appropriate the Necessary Funds Therefor, and for Other PurposesAct No. 2818 • Mar 4, 1919 • Statutes
- Amendments to Act No. 2508, as AmendedAct No. 3747 • Nov 24, 1930 • Statutes
- Amendments to Act No. 271, as AmendedAct No. 3612 • Dec 3, 1929 • Statutes
- Amendments to Act No. 666, as AmendedAct No. 3332 • Dec 7, 1926 • Statutes
- Amendments to Act No. 2833, as AmendedAct No. 3761 • Nov 26, 1930 • Statutes
- Amendments to Act No. 2152, as AmendedAct No. 4185 • Dec 7, 1934 • Statutes
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