An Act Authorizing the Investment of the Postal Savings Bank Fund, the Teachers' Retirement and Disability Fund, and the San Lazaro Estate Fund Under the Jurisdiction and Control of the National Loan and Investment Board in Advances to the National Government for the Construction of Toll Bridges, Providing for their Payment, and Appropriating the Necessary Funds to Cover Any Deficiency in the Payment of Such Advances
Commonwealth Act No. 112, enacted on October 31, 1936, authorizes the National Loan and Investment Board to invest specific funds—namely, the Postal Savings Bank Fund, the Teachers' Retirement and Disability Fund, and the San Lazaro Estate Fund—in advances to the National Government for constructing toll bridges. The act stipulates a fixed interest rate of 5% per annum on these advances, with repayment sourced from toll collections over a maximum period of twenty years. Should toll revenues fall short of covering the required monthly payments, the National Government is obligated to cover the deficiency from the Philippine Treasury. This legislation aims to facilitate infrastructure development while ensuring financial accountability.
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- What is An Act Authorizing the Investment of the Postal Savings Bank Fund, the Teachers' Retirement and Disability Fund, and the San Lazaro Estate Fund Under the Jurisdiction and Control of the National Loan and Investment Board in Advances to the National Government for the Construction of Toll Bridges, Providing for their Payment, and Appropriating the Necessary Funds to Cover Any Deficiency in the Payment of Such Advances about?
- Commonwealth Act No. 112, enacted on October 31, 1936, authorizes the National Loan and Investment Board to invest specific funds—namely, the Postal Savings Bank Fund, the Teachers' Retirement and Disability Fund, and the San Lazaro Estate Fund—in advances to the National Government for constructing toll bridges. The act stipulates a fixed interest rate of 5% per annum on these advances, with repayment sourced from toll collections over a maximum period of twenty years. Should toll revenues fall short of covering the required monthly payments, the National Government is obligated to cover the deficiency from the Philippine Treasury. This legislation aims to facilitate infrastructure development while ensuring financial accountability.
- What type of law is Commonwealth Act No. 112?
- An Act Authorizing the Investment of the Postal Savings Bank Fund, the Teachers' Retirement and Disability Fund, and the San Lazaro Estate Fund Under the Jurisdiction and Control of the National Loan and Investment Board in Advances to the National Government for the Construction of Toll Bridges, Providing for their Payment, and Appropriating the Necessary Funds to Cover Any Deficiency in the Payment of Such Advances (Commonwealth Act No. 112) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was An Act Authorizing the Investment of the Postal Savings Bank Fund, the Teachers' Retirement and Disability Fund, and the San Lazaro Estate Fund Under the Jurisdiction and Control of the National Loan and Investment Board in Advances to the National Government for the Construction of Toll Bridges, Providing for their Payment, and Appropriating the Necessary Funds to Cover Any Deficiency in the Payment of Such Advances enacted?
- An Act Authorizing the Investment of the Postal Savings Bank Fund, the Teachers' Retirement and Disability Fund, and the San Lazaro Estate Fund Under the Jurisdiction and Control of the National Loan and Investment Board in Advances to the National Government for the Construction of Toll Bridges, Providing for their Payment, and Appropriating the Necessary Funds to Cover Any Deficiency in the Payment of Such Advances (Commonwealth Act No. 112) was enacted on Oct 31, 1936.
- What is the citation for An Act Authorizing the Investment of the Postal Savings Bank Fund, the Teachers' Retirement and Disability Fund, and the San Lazaro Estate Fund Under the Jurisdiction and Control of the National Loan and Investment Board in Advances to the National Government for the Construction of Toll Bridges, Providing for their Payment, and Appropriating the Necessary Funds to Cover Any Deficiency in the Payment of Such Advances?
- An Act Authorizing the Investment of the Postal Savings Bank Fund, the Teachers' Retirement and Disability Fund, and the San Lazaro Estate Fund Under the Jurisdiction and Control of the National Loan and Investment Board in Advances to the National Government for the Construction of Toll Bridges, Providing for their Payment, and Appropriating the Necessary Funds to Cover Any Deficiency in the Payment of Such Advances, Commonwealth Act No. 112, Oct 31, 1936 (Philippines)
Law Information
- Reference Number
- Commonwealth Act No. 112
- Date Enacted
- Category
- Statutes
- Subcategory
- Commonwealth Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
October 31, 1936
COMMONWEALTH ACT NO. 112
AN ACT AUTHORIZING THE INVESTMENT OF THE POSTAL SAVINGS BANK FUND, THE TEACHERS' RETIREMENT AND DISABILITY FUND, AND THE SAN LAZARO ESTATE FUND UNDER THE JURISDICTION AND CONTROL OF THE NATIONAL LOAN AND INVESTMENT BOARD IN ADVANCES TO THE NATIONAL GOVERNMENT FOR THE CONSTRUCTION OF TOLL BRIDGES, PROVIDING FOR THEIR PAYMENT, AND APPROPRIATING THE NECESSARY FUNDS TO COVER ANY DEFICIENCY IN THE PAYMENT OF SUCH ADVANCES
SECTION 1. All provisions of law to the contrary notwithstanding, the National Loan and Investment Board is hereby authorized, upon request of the Secretary of Public Works and Communications and recommendation of the Director of Public Works, to invest the Postal Savings Bank fund, created under Act Numbered Fourteen hundred and ninety-three, and now governed by Act Numbered Twenty-seven hundred and eleven, as amended; the Teachers' Retirement and Disability Fund created under Act Numbered Thirty hundred and fifty, as amended; and the San Lazaro Estate Fund, created under Act Numbered Twenty-four hundred and seventy-eight, as amended, in advances to the National Government for the construction of permanent bridges which shall be declared toll bridges to be undertaken and administered pursuant to the provisions of Act Numbered Thirty-five hundred, and subject to such terms and conditions as the National Loan and Investment Board may promulgate: Provided, That the interest on such advances shall be five per centum per annum: And provided, further, That the amount invested in such advances, together with the interest due, shall be paid from the tolls collected therefrom during the period not exceeding twenty years. IDATCE
SECTION 2. The National Loan and Investment Board shall fix the minimum amount that shall be paid monthly on account of the advances made in accordance with this Act, together with interests due: Provided, That in case the tolls collected, after deducting the salaries of toll collectors, shall not be sufficient to pay the monthly amortization required, together with interests due, or the full amount of any of such advances upon maturity, the National Government shall make up for the deficiency, the necessary amount for which is hereby appropriated out of any fund in the Philippine Treasury not otherwise appropriated.
SECTION 3. This Act shall take effect upon its approval.
Approved, October 31, 1936.
Cite This Law
An Act Authorizing the Investment of the Postal Savings Bank Fund, the Teachers' Retirement and Disability Fund, and the San Lazaro Estate Fund Under the Jurisdiction and Control of the National Loan and Investment Board in Advances to the National Government for the Construction of Toll Bridges, Providing for their Payment, and Appropriating the Necessary Funds to Cover Any Deficiency in the Payment of Such Advances, Commonwealth Act No. 112, Oct 31, 1936 (Philippines)
An Act Authorizing the Investment of the Postal Savings Bank Fund, the Teachers' Retirement and Disability Fund, and the San Lazaro Estate Fund Under the Jurisdiction and Control of the National Loan and Investment Board in Advances to the National Government for the Construction of Toll Bridges, Providing for their Payment, and Appropriating the Necessary Funds to Cover Any Deficiency in the Payment of Such Advances, Commonwealth Act No. 112 (Phil. 1936)
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