An Act Authorizing the "Manila Railroad Company" to Abandon its Railroad Line Between the Municipalities of Noveleta and Cavite, Province of Cavite, and for Other Purposes
Act No. 3017, approved on March 8, 1922, authorizes the Manila Railroad Company to abandon its railroad line between Noveleta and Cavite, Province of Cavite. The company is permitted to dispose of both personal and real property associated with the line, with decisions on sales made by its directors and the mortgage trustee. Proceeds from the sale must be applied according to the mortgage deed to protect bondholders. The Act takes effect upon its approval.
Law Information
- Reference Number
- Act No. 3017
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 8, 1922
ACT NO. 3017
AN ACT AUTHORIZING THE "MANILA RAILROAD COMPANY" TO ABANDON ITS RAILROAD LINE BETWEEN THE MUNICIPALITIES OF NOVELETA AND CAVITE, PROVINCE OF CAVITE, AND FOR OTHER PURPOSES
SECTION 1. The Manila Railroad Company is hereby authorized to abandon its railroad line between the municipalities of Noveleta and Cavite, Province of Cavite, and to dispose of the personal and real property belonging to said line in such form and subject to such conditions as the directors of the Manila Railroad Company and the trustee of the mortgage on said property may consider most advantageous for the interests of said company. The proceeds of the sale of said property in so far as the same is affected by the mortgage for the protection of the bondholders shall be applied in accordance with the provisions of the deed of mortgage.
SECTION 2. This Act shall take effect on its approval.
Approved, March 8, 1922.
Cite This Law
An Act Authorizing the "Manila Railroad Company" to Abandon its Railroad Line Between the Municipalities of Noveleta and Cavite, Province of Cavite, and for Other Purposes, Act No. 3017, Mar 8, 1922 (Philippines)
An Act Authorizing the "Manila Railroad Company" to Abandon its Railroad Line Between the Municipalities of Noveleta and Cavite, Province of Cavite, and for Other Purposes, Act No. 3017 (Phil. 1922)
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