An Act Authorizing the Governor-General to Purchase, on Behalf of the Government of the Philippine Islands, Ten Thousand Shares of the Capital Stock of the Manila Railroad Company of the Philippine Islands, and Appropriating Funds for Paying Fox Said Shares
Act No. 2960, approved on February 20, 1921, authorizes the Governor-General of the Philippine Islands to purchase 10,000 shares of the Manila Railroad Company on behalf of the government. The total investment amounts to two million pesos, which is appropriated from the Insular Treasury. The act ensures that the government can acquire a stake in the railroad company to potentially enhance its transportation infrastructure. It becomes effective upon approval.
Law Information
- Reference Number
- Act No. 2960
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
February 20, 1921
ACT NO. 2960
AN ACT AUTHORIZING THE GOVERNOR-GENERAL TO PURCHASE, ON BEHALF OF THE GOVERNMENT OF THE PHILIPPINE ISLANDS, TEN THOUSAND SHARES OF THE CAPITAL STOCK OF THE MANILA RAILROAD COMPANY OF THE PHILIPPINE ISLANDS, AND APPROPRIATING FUNDS FOR PAYING FOX SAID SHARES
SECTION 1. The Governor-General is hereby authorized and directed to subscribe to and purchase, on behalf of the Government of the Philippine Islands, ten thousand shares of the capital stock, of the Manila Railroad Company of the Philippine Islands, of the par value of two million pesos.
SECTION 2. The sum of two million pesos is hereby appropriated, out of any funds in the Insular Treasury not otherwise appropriated, to carry out the provisions of this Act.
SECTION 3. This Act shall take effect on its approval.
Approved, February 20, 1921.
Cite This Law
An Act Authorizing the Governor-General to Purchase, on Behalf of the Government of the Philippine Islands, Ten Thousand Shares of the Capital Stock of the Manila Railroad Company of the Philippine Islands, and Appropriating Funds for Paying Fox Said Shares, Act No. 2960, Feb 20, 1921 (Philippines)
An Act Authorizing the Governor-General to Purchase, on Behalf of the Government of the Philippine Islands, Ten Thousand Shares of the Capital Stock of the Manila Railroad Company of the Philippine Islands, and Appropriating Funds for Paying Fox Said Shares, Act No. 2960 (Phil. 1921)
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