An Act to Amend Act Numbered Five Hundred and Thirty-Six, Relating to Recognizances, Stipulations, Bonds, and Undertakings, and to Allow Certain Corporations to be Accepted as Surety Thereon
Act No. 538, enacted on November 28, 1902, amends Act No. 536 regarding recognizances, stipulations, bonds, and undertakings, specifically altering the minimum amount for surety acceptance from $500,000 to $250,000. The amended law is set to take effect on January 1, 1903, and its passage has been expedited for the public good. The Act underscores the acceptance of certain corporations as sureties. Overall, it aims to streamline the process related to financial assurances in legal contexts.
Law Information
- Reference Number
- Act No. 538
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 28, 1902
ACT NO. 538
AN ACT TO AMEND ACT NUMBERED FIVE HUNDRED AND THIRTY-SIX, RELATING TO RECOGNIZANCES, STIPULATIONS, BONDS, AND UNDERTAKINGS, AND TO ALLOW CERTAIN CORPORATIONS TO BE ACCEPTED AS SURETY THEREON
SECTION 1. Section three of Act Numbered Five hundred and thirty-six, entitled "An Act relative to recognizances, stipulations, bonds, and undertakings, and to allow certain corporations to be accepted as surety thereon," is hereby amended by striking out the words "five hundred thousand dollars" in the second sentence thereof after the words "less than" and inserting in lieu thereof the words "two hundred and fifty thousand dollars."
SECTION 2. Section eleven of said Act Numbered Five hundred and thirty-six is hereby amended so as to read as follows:
"SEC. 11. This Act shall take effect on January first, nineteen hundred and three."
SECTION 3. The public good requiring the speedy enactment of this bill, the passage of the same is hereby expedited in accordance with section two of "An Act prescribing the order of procedure by the Commission in the enactment of laws," passed September twenty-sixth, nineteen hundred.
SECTION 4. This Act shall take effect on its passage.
ENACTED, November 28, 1902.
Cite This Law
An Act to Amend Act Numbered Five Hundred and Thirty-Six, Relating to Recognizances, Stipulations, Bonds, and Undertakings, and to Allow Certain Corporations to be Accepted as Surety Thereon, Act No. 538, Nov 28, 1902 (Philippines)
An Act to Amend Act Numbered Five Hundred and Thirty-Six, Relating to Recognizances, Stipulations, Bonds, and Undertakings, and to Allow Certain Corporations to be Accepted as Surety Thereon, Act No. 538 (Phil. 1902)
Related Laws
- An Act Amending Section One of Act Numbered Five Hundred and Thirty-Six, Entitled "An Act Relative to Recognizances, Stipulations, Bonds, and Undertakings, and to Allow Certain Corporations to be Accepted As Surety Thereon," Authorizing Corporations Organized Under The Laws of The Philippine Islands to be Sureties In Certain Recognizances, Stipulations, Bonds or UndertakingsAct No. 2203 • Jan 13, 1913 • Statutes
- Amending Sec. 1 of Act 536 Re: Recognizances, Stipulations, Bonds, and Undertakings to be Accepted as SuretyAct No. 2206 • Jan 27, 1913 • Statutes
- An Act on Recognizances, Stipulations, and Bonds and Allowing Certain Corporations to be Accepted as SuretyAct No. 536 • Nov 25, 1902 • Statutes
- An Act Amending Act Numbered Five Hundred and Thirty-Six, As Amended by Act Numbered Five Hundred and Thirty-EightAct No. 561 • Dec 18, 1902 • Statutes
- An Act Making Applicable to that Part of the Philippine Islands Inhabited by Moros or Other Non-Christian Tribes Certain Acts of the Third Philippine LegislatureAct No. 2276 • Apr 18, 1913 • Statutes
- An Act to Amend Section Five of Act Numbered Twenty-Five Hundred and Eighty-One, Regulating the Sale of Certain Shares, Stock, Bonds, and Other Securities of CorporationsAct No. 2817 • Mar 4, 1919 • Statutes
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