An Act Authorizing the Insular Treasurer and the Postal Savings Bank to Lend Money to the Metropolitan Water District Under Certain Conditions
Act No. 2890, enacted on February 24, 1920, authorizes the Insular Treasurer and the Postal Savings Bank to lend up to five hundred thousand pesos to the Metropolitan Water District for a term not exceeding ten years. These loans, which must be approved by the respective Department Heads, are secured by bonds from the Water District with an interest rate capped at five percent per annum. The loans are intended for the purchase of necessary equipment and materials and will constitute a lien on the Water District's property, subordinate only to existing prior liens. The Act takes effect upon its approval.
Law Information
- Reference Number
- Act No. 2890
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
February 24, 1920
ACT NO. 2890
AN ACT AUTHORIZING THE INSULAR TREASURER AND THE POSTAL SAVINGS BANK TO LEND MONEY TO THE METROPOLITAN WATER DISTRICT UNDER CERTAIN CONDITIONS
SECTION 1. The Insular Treasurer and the Postal Savings Bank Board are hereby authorized, subject to the approval of the respective Department Heads, to lend to the Metropolitan Water District created by Act Numbered Twenty-eight hundred and thirty-two, out of the funds available for loans in the Insular Treasury and in the Postal Savings Bank, for a term of not to exceed ten years, sums of money the total amount whereof shall not exceed five hundred thousand pesos, such loans to be secured by bonds of said Metropolitan Water District bearing interest at a rate not greater than five per centum per annum, for the purchase of the necessary equipment and material. Said loan shall constitute a lien on the property of the Metropolitan Water District, subject only to prior liens thereon at the time such loan is made. aDSIHc
SECTION 2. This Act shall take effect on its approval.
Approved, February 24, 1920.
Cite This Law
An Act Authorizing the Insular Treasurer and the Postal Savings Bank to Lend Money to the Metropolitan Water District Under Certain Conditions, Act No. 2890, Feb 24, 1920 (Philippines)
An Act Authorizing the Insular Treasurer and the Postal Savings Bank to Lend Money to the Metropolitan Water District Under Certain Conditions, Act No. 2890 (Phil. 1920)
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