An Act Amending Act Numbered Fourteen Hundred and Ninety-Three, Entitled "The Philippine Postal Savings Bank Act," as Amended by Act Numbered Sixteen Hundred and Twenty
Act No. 1911, enacted on May 19, 1909, amends the Philippine Postal Savings Bank Act by adjusting investment limits for the bank's funds. Specifically, it raises the maximum investment in certain bonds from forty percent to sixty percent and from twenty percent to forty percent in other specified bonds. Additionally, it introduces regulations for investments in public service corporation bonds, requiring a committee to assess the value of the corporation's assets and ensuring that total bond issues do not exceed eighty percent of that value. The Act also permits investments in specific bonds of the Manila Railroad Company. The amendments take effect immediately upon passage.
Quick Answers
- What is An Act Amending Act Numbered Fourteen Hundred and Ninety-Three, Entitled "The Philippine Postal Savings Bank Act," as Amended by Act Numbered Sixteen Hundred and Twenty about?
- Act No. 1911, enacted on May 19, 1909, amends the Philippine Postal Savings Bank Act by adjusting investment limits for the bank's funds. Specifically, it raises the maximum investment in certain bonds from forty percent to sixty percent and from twenty percent to forty percent in other specified bonds. Additionally, it introduces regulations for investments in public service corporation bonds, requiring a committee to assess the value of the corporation's assets and ensuring that total bond issues do not exceed eighty percent of that value. The Act also permits investments in specific bonds of the Manila Railroad Company. The amendments take effect immediately upon passage.
- What type of law is Act No. 1911?
- An Act Amending Act Numbered Fourteen Hundred and Ninety-Three, Entitled "The Philippine Postal Savings Bank Act," as Amended by Act Numbered Sixteen Hundred and Twenty (Act No. 1911) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was An Act Amending Act Numbered Fourteen Hundred and Ninety-Three, Entitled "The Philippine Postal Savings Bank Act," as Amended by Act Numbered Sixteen Hundred and Twenty enacted?
- An Act Amending Act Numbered Fourteen Hundred and Ninety-Three, Entitled "The Philippine Postal Savings Bank Act," as Amended by Act Numbered Sixteen Hundred and Twenty (Act No. 1911) was enacted on May 19, 1909.
- What is the citation for An Act Amending Act Numbered Fourteen Hundred and Ninety-Three, Entitled "The Philippine Postal Savings Bank Act," as Amended by Act Numbered Sixteen Hundred and Twenty?
- An Act Amending Act Numbered Fourteen Hundred and Ninety-Three, Entitled "The Philippine Postal Savings Bank Act," as Amended by Act Numbered Sixteen Hundred and Twenty, Act No. 1911, May 19, 1909 (Philippines)
Law Information
- Reference Number
- Act No. 1911
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 19, 1909
ACT NO. 1911
AN ACT AMENDING ACT NUMBERED FOURTEEN HUNDRED AND NINETY-THREE, ENTITLED "THE PHILIPPINE POSTAL SAVINGS BANK ACT," AS AMENDED BY ACT NUMBERED SIXTEEN HUNDRED AND TWENTY
SECTION 1. Section eighteen of Act Numbered Fourteen hundred and ninety-three, as amended by Act Numbered Sixteen hundred and twenty, is hereby further amended by striking out in subsection five (a), after the words "in excess of" and before the words "per centum," the word "forty" and inserting in lieu thereof the word "sixty," and by striking out in subsection five (b), after the words "in excess of" and before the words "per centum," the word "twenty" and inserting in lieu thereof the word "forty."
SECTION 2. Section eighteen of Act Numbered Fourteen hundred and ninety-three, as amended by Act Numbered Sixteen hundred and twenty, is hereby further amended by the addition at the end of paragraph seven thereof of the following paragraphs eight and nine:
"8. In bonds which are valid obligations against all the property of any public service corporation incorporated under the laws of the United States or of the Philippines Islands: Provided, That in every case arising under this subsection, the Governor-General shall appoint a committee to estimate the total reasonable value of all the property of the corporation on which the total issue of said bonds shall constitute the said valid obligation and that no investment shall be made if the said committee finds that the said total issue of said bonds, together with all prior existing obligations, shall exceed eighty per centum of the total reasonable value of the said property, nor shall such investment be made unless during the three years prior to the same, the net earnings of the corporation shall have been more than double the amount necessary to pay the interest on the total issue of the bonds offered for investment. Not more than twenty per centum of the total deposits on the date of the investment shall be invested in securities of any public service corporation unless the principal or interest of such securities shall have been guaranteed by the Government of the United States or by the Government of the Philippine Islands."
"9. In bonds of the Manila Railroad Company known as 'A debentures Manila Railway Nineteen hundred and six limited'".
SECTION 3. This Act shall take effect on its passage.
ENACTED: May 19, 1909.
Cite This Law
An Act Amending Act Numbered Fourteen Hundred and Ninety-Three, Entitled "The Philippine Postal Savings Bank Act," as Amended by Act Numbered Sixteen Hundred and Twenty, Act No. 1911, May 19, 1909 (Philippines)
An Act Amending Act Numbered Fourteen Hundred and Ninety-Three, Entitled "The Philippine Postal Savings Bank Act," as Amended by Act Numbered Sixteen Hundred and Twenty, Act No. 1911 (Phil. 1909)
Related Laws
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