An Act Authorizing a Loan of Two Thousand Dollars, In Money of the United States, or its Equivalent in Local Currency at the Authorized Ratio, to the Province of Abra
Act No. 541, enacted on November 28, 1902, authorizes a loan of $2,000 from the Insular Treasury to the Province of Abra, allowing the funds to be used for general provincial government purposes. The loan, which can be provided in either U.S. dollars or local currency, is interest-free and must be repaid by December 31, 1904. The act emphasizes the urgency of the funding for the public good and allows for expedited passage. It takes effect immediately upon its enactment.
Law Information
- Reference Number
- Act No. 541
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 28, 1902
ACT NO. 541
AN ACT AUTHORIZING A LOAN OF TWO THOUSAND DOLLARS, IN MONEY OF THE UNITED STATES, OR ITS EQUIVALENT IN LOCAL CURRENCY AT THE AUTHORIZED RATIO, TO THE PROVINCE OF ABRA
SECTION 1. The Treasurer of the Philippine Archipelago is hereby authorized to loan, out of any funds in the Insular Treasury not otherwise appropriated, the sum of two thousand dollars, money of the United States, or its equivalent in local currency at the authorized ratio, to the Province of Abra, the money so appropriated to be expended by the provincial board of such province for the general purposes of the provincial government, in accordance with the provisions of the Provincial Government Act. The money so loaned is to be returned to the Insular Treasurer on or before the thirty-first day of December, nineteen hundred and four, and shall be without interest.
SECTION 2. There is hereby appropriated, out of any funds in the Insular Treasury not otherwise appropriated, the sum of two thousand dollars, in money of the United States, or its equivalent in local currency at the authorized ratio, to comply with the provisions of this Act.
SECTION 3. 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 4. This Act shall take effect on its passage.
ENACTED, November 28, 1902.
Cite This Law
An Act Authorizing a Loan of Two Thousand Dollars, In Money of the United States, or its Equivalent in Local Currency at the Authorized Ratio, to the Province of Abra, Act No. 541, Nov 28, 1902 (Philippines)
An Act Authorizing a Loan of Two Thousand Dollars, In Money of the United States, or its Equivalent in Local Currency at the Authorized Ratio, to the Province of Abra, Act No. 541 (Phil. 1902)
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