An Act Amending Act Numbered Five Hundred and Thirty-Six, As Amended by Act Numbered Five Hundred and Thirty-Eight
Act No. 561, enacted on December 18, 1902, amends previous legislation concerning recognizances, stipulations, and surety bonds. It specifically modifies Section 11 to allow surety companies operating in the Philippines to continue executing surety bonds until February 1, 1903. The Act emphasizes the urgency of its passage for the public good and stipulates that it will take effect immediately. Overall, it streamlines the regulatory framework for surety companies in the country.
Law Information
- Reference Number
- Act No. 561
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
December 18, 1902
ACT NO. 561
AN ACT AMENDING ACT NUMBERED FIVE HUNDRED AND THIRTY-SIX, AS AMENDED BY ACT NUMBERED FIVE HUNDRED AND THIRTY-EIGHT
SECTION 1. Act Numbered Five hundred and thirty-six, entitled "An Act relative to recognizances, stipulations, bonds, and undertakings, and to allow certain corporations to be accepted as surety thereon," as amended by Act Numbered Five hundred and thirty-eight, is hereby further amended by striking out section eleven of said Act and inserting the following:
"SEC. 11. No surety company now doing business in these Islands shall be disqualified from executing surety bonds prior to February first, nineteen hundred and three, under the terms of this Act.
"SEC. 12. This Act shall take effect on February first, nineteen hundred and three."
SECTION 2. The public good requiring the speedy enactment of this bill, the passage of the same is hereby expedited in accordance with section two of "An Act prescribing the order of procedure by the Commission in the enactment of laws," passed September twenty-sixth, nineteen hundred.
SECTION 3. This Act shall take effect on its passage.
ENACTED, December 18, 1902.
Cite This Law
An Act Amending Act Numbered Five Hundred and Thirty-Six, As Amended by Act Numbered Five Hundred and Thirty-Eight, Act No. 561, Dec 18, 1902 (Philippines)
An Act Amending Act Numbered Five Hundred and Thirty-Six, As Amended by Act Numbered Five Hundred and Thirty-Eight, Act No. 561 (Phil. 1902)
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