An Act to Amend Act Numbered Eighteen Hundred and Sixty-Five, Entitled "An Act Creating a Government Agricultural Bank of the Philippine Islands and Appropriating for Funds Thereof the Sum of One Million Pesos," By Authorizing the Bank to Make Loans for Additional Purposes and by Enumerating Additional Persons and Officials Who are Prohibited from Exacting, Demanding or Receiving Any Fee for Service in Obtaining Loans
Act No. 1906, enacted on May 19, 1909, amends the previous Act creating the Government Agricultural Bank of the Philippine Islands. It expands the bank's loan purposes to include various agricultural needs, such as purchasing machinery, fertilizers, and land, while strictly prohibiting loans to non-agricultural entities. Additionally, the amendment prohibits any fees or commissions for loan services, imposing penalties of one to five years of imprisonment on officials or individuals demanding such fees. The Act aims to ensure support for agricultural development without financial exploitation.
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- What is An Act to Amend Act Numbered Eighteen Hundred and Sixty-Five, Entitled "An Act Creating a Government Agricultural Bank of the Philippine Islands and Appropriating for Funds Thereof the Sum of One Million Pesos," By Authorizing the Bank to Make Loans for Additional Purposes and by Enumerating Additional Persons and Officials Who are Prohibited from Exacting, Demanding or Receiving Any Fee for Service in Obtaining Loans about?
- Act No. 1906, enacted on May 19, 1909, amends the previous Act creating the Government Agricultural Bank of the Philippine Islands. It expands the bank's loan purposes to include various agricultural needs, such as purchasing machinery, fertilizers, and land, while strictly prohibiting loans to non-agricultural entities. Additionally, the amendment prohibits any fees or commissions for loan services, imposing penalties of one to five years of imprisonment on officials or individuals demanding such fees. The Act aims to ensure support for agricultural development without financial exploitation.
- What type of law is Act No. 1906?
- An Act to Amend Act Numbered Eighteen Hundred and Sixty-Five, Entitled "An Act Creating a Government Agricultural Bank of the Philippine Islands and Appropriating for Funds Thereof the Sum of One Million Pesos," By Authorizing the Bank to Make Loans for Additional Purposes and by Enumerating Additional Persons and Officials Who are Prohibited from Exacting, Demanding or Receiving Any Fee for Service in Obtaining Loans (Act No. 1906) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was An Act to Amend Act Numbered Eighteen Hundred and Sixty-Five, Entitled "An Act Creating a Government Agricultural Bank of the Philippine Islands and Appropriating for Funds Thereof the Sum of One Million Pesos," By Authorizing the Bank to Make Loans for Additional Purposes and by Enumerating Additional Persons and Officials Who are Prohibited from Exacting, Demanding or Receiving Any Fee for Service in Obtaining Loans enacted?
- An Act to Amend Act Numbered Eighteen Hundred and Sixty-Five, Entitled "An Act Creating a Government Agricultural Bank of the Philippine Islands and Appropriating for Funds Thereof the Sum of One Million Pesos," By Authorizing the Bank to Make Loans for Additional Purposes and by Enumerating Additional Persons and Officials Who are Prohibited from Exacting, Demanding or Receiving Any Fee for Service in Obtaining Loans (Act No. 1906) was enacted on May 19, 1909.
- What is the citation for An Act to Amend Act Numbered Eighteen Hundred and Sixty-Five, Entitled "An Act Creating a Government Agricultural Bank of the Philippine Islands and Appropriating for Funds Thereof the Sum of One Million Pesos," By Authorizing the Bank to Make Loans for Additional Purposes and by Enumerating Additional Persons and Officials Who are Prohibited from Exacting, Demanding or Receiving Any Fee for Service in Obtaining Loans?
- An Act to Amend Act Numbered Eighteen Hundred and Sixty-Five, Entitled "An Act Creating a Government Agricultural Bank of the Philippine Islands and Appropriating for Funds Thereof the Sum of One Million Pesos," By Authorizing the Bank to Make Loans for Additional Purposes and by Enumerating Additional Persons and Officials Who are Prohibited from Exacting, Demanding or Receiving Any Fee for Service in Obtaining Loans, Act No. 1906, May 19, 1909 (Philippines)
Law Information
- Reference Number
- Act No. 1906
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 19, 1909
ACT NO. 1906
AN ACT TO AMEND ACT NUMBERED EIGHTEEN HUNDRED AND SIXTY-FIVE, ENTITLED "AN ACT CREATING A GOVERNMENT AGRICULTURAL BANK OF THE PHILIPPINE ISLANDS AND APPROPRIATING FOR FUNDS THEREOF THE SUM OF ONE MILLION PESOS," BY AUTHORIZING THE BANK TO MAKE LOANS FOR ADDITIONAL PURPOSES AND BY ENUMERATING ADDITIONAL PERSONS AND OFFICIALS WHO ARE PROHIBITED FROM EXACTING, DEMANDING OR RECEIVING ANY FEE FOR SERVICE IN OBTAINING LOANS
SECTION 1. Section ten of Act Numbered Eighteen hundred and sixty-five, entitled "An Act creating a Government Agricultural Bank of the Philippine Islands and appropriating for funds thereof the sum of one million pesos," is hereby amended to read as follows:
"SEC. 10. The bank may make loans only for the payment or satisfaction of incumbrances on agricultural lands, for the construction, repair, or maintenance of drainage and irrigation works, for the purchase of fertilizers, agricultural seeds, machinery, implements, or animals to be used exclusively by the borrower for agricultural purposes, to aid in the purchase of agricultural land, to clear land and bring it under immediate cultivation, to pay for labor employed in agricultural work, and to pay any other expense connected with planting, raising, cultivating, harvesting, or caring for any kind of farm crop or agricultural produce, or preparing the same for market; and no loan shall be made to any person or corporation not engaged in agriculture."
SECTION 2. Section sixteen of said Act Numbered Eighteen hundred and sixty-five is hereby amended to read as follows:
"SEC. 16. No fee or charge of any kind whatsoever by way of commission shall be exacted, demanded, or paid, for granting or obtaining loans, and any official of, or person acting for, the bank, or any official of the Insular Government or of any provincial or municipal government, directly or indirectly, exacting, demanding, or receiving any fee for service in obtaining a loan or for the use of his influence to obtain a loan shall be punished by imprisonment for not less than one year nor more than five years, in the discretion of the court."
SECTION 3. This Act shall take effect on its passage.
ENACTED: May 19, 1909.
Cite This Law
An Act to Amend Act Numbered Eighteen Hundred and Sixty-Five, Entitled "An Act Creating a Government Agricultural Bank of the Philippine Islands and Appropriating for Funds Thereof the Sum of One Million Pesos," By Authorizing the Bank to Make Loans for Additional Purposes and by Enumerating Additional Persons and Officials Who are Prohibited from Exacting, Demanding or Receiving Any Fee for Service in Obtaining Loans, Act No. 1906, May 19, 1909 (Philippines)
An Act to Amend Act Numbered Eighteen Hundred and Sixty-Five, Entitled "An Act Creating a Government Agricultural Bank of the Philippine Islands and Appropriating for Funds Thereof the Sum of One Million Pesos," By Authorizing the Bank to Make Loans for Additional Purposes and by Enumerating Additional Persons and Officials Who are Prohibited from Exacting, Demanding or Receiving Any Fee for Service in Obtaining Loans, Act No. 1906 (Phil. 1909)
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