An Act Providing for the Method of Investing Sinking Funds for the Retirement of Bonds, Issued by the Government of the Philippine Islands, Provinces, Municipalities, and Cities
Act No. 3014, enacted on March 8, 1922, establishes guidelines for investing sinking funds designated for the retirement of bonds issued by various government entities in the Philippines. The Insular Treasurer is authorized to invest these funds solely in securities issued by the Philippine and U.S. governments, with the approval of the Secretary of Finance. Additionally, bonds related to the sinking fund can be canceled upon recommendation from the Secretary of Finance and approval from the Governor-General, with their face value contributing to the fund's total. This Act repeals any inconsistent prior laws and takes effect immediately upon approval.
Law Information
- Reference Number
- Act No. 3014
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 8, 1922
ACT NO. 3014
AN ACT PROVIDING FOR THE METHOD OF INVESTING SINKING FUNDS FOR THE RETIREMENT OF BONDS, ISSUED BY THE GOVERNMENT OF THE PHILIPPINE ISLANDS, PROVINCES, MUNICIPALITIES, AND CITIES
SECTION 1. The Insular Treasurer shall hereafter invest the funds of all sinking funds for the retirement of bonds issued by the Government of the Philippine Islands, provinces, municipalities, and cities under his control only in securities of the Government of the Philippine Islands and securities of the Government of the United States in such a manner as may be approved by the Secretary of Finance.
SECTION 2. When such funds are invested in the bonds of the issue to which the fund pertains, said bonds may, upon the recommendation of the Secretary of Finance and the approval of the Governor-General, be cancelled. In reckoning the amount in the sinking fund, credit shall be taken for the face value of bonds of the issue pertaining to the fund, whether cancelled or held in the fund, and such bonds, whether cancelled or carried in the fund, shall be regarded as outstanding within the meaning of the law fixing the amount of the sinking fund.
SECTION 3. All acts or parts of acts inconsistent with the provisions of this Act are hereby repealed.
SECTION 4. This Act shall take effect on its approval.
Approved, March 8, 1922.
Cite This Law
An Act Providing for the Method of Investing Sinking Funds for the Retirement of Bonds, Issued by the Government of the Philippine Islands, Provinces, Municipalities, and Cities, Act No. 3014, Mar 8, 1922 (Philippines)
An Act Providing for the Method of Investing Sinking Funds for the Retirement of Bonds, Issued by the Government of the Philippine Islands, Provinces, Municipalities, and Cities, Act No. 3014 (Phil. 1922)
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