An Act Authorizing Provinces, Municipalities, Townships, and Other Subdivisions or Branches of the Government of the Philippine Islands to Contract Indebtedness, under Certain Conditions
Act No. 2791, approved on February 17, 1919, authorizes provinces, municipalities, townships, and other subdivisions of the Philippine government to incur indebtedness under specific conditions. These entities may contract loans from the Insular Government, the Philippine National Bank, and other approved banking institutions, but only for the purpose of funding permanent public improvements. The loans require the approval of the appropriate Department Head. The Act aims to facilitate infrastructure development within the Philippine Islands.
Law Information
- Reference Number
- Act No. 2791
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
February 17, 1919
ACT NO. 2791
AN ACT AUTHORIZING PROVINCES, MUNICIPALITIES, TOWNSHIPS, AND OTHER SUBDIVISIONS OR BRANCHES OF THE GOVERNMENT OF THE PHILIPPINE ISLANDS TO CONTRACT INDEBTEDNESS, UNDER CERTAIN CONDITIONS
SECTION 1. Authority is hereby granted to regular and special provinces and municipalities, including those of the Department of Mindanao-Sulu, and to townships and any other branches or subdivisions of the Government of the Philippine Islands, whenever necessary, and subject to the approval of the proper Department Head, to contract indebtedness in the shape of loans from the Insular Government, the Philippine National Bank, and any other bank or banking institution authorized for this purpose; but no loan shall be contracted except to raise funds for permanent public improvements.
SECTION 2. This Act shall take effect on its approval.
Approved, February 17, 1919.
Cite This Law
An Act Authorizing Provinces, Municipalities, Townships, and Other Subdivisions or Branches of the Government of the Philippine Islands to Contract Indebtedness, under Certain Conditions, Act No. 2791, Feb 17, 1919 (Philippines)
An Act Authorizing Provinces, Municipalities, Townships, and Other Subdivisions or Branches of the Government of the Philippine Islands to Contract Indebtedness, under Certain Conditions, Act No. 2791 (Phil. 1919)
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