An Act to Amend Act Numbered Fourteen Hundred and Ninety-Three, Entitled "The Postal Savings Bank Act," as Amended, by Providing an Additional Class of Securities for the Investment of Postal Savings Bank Funds
Act No. 1985, enacted on April 19, 1910, amends the Postal Savings Bank Act to introduce an additional class of securities for investment. It allows the Postal Savings Bank to invest in first mortgages on leasehold interests for lands with at least fifty years remaining on the lease, specifically in the cities of Manila, Cebu, Iloilo, or Zamboanga. The land must be government-owned, and any buildings must be permanent and substantial. Importantly, the loan amount is capped at sixty percent of the buildings' appraised value.
Law Information
- Reference Number
- Act No. 1985
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
April 19, 1910
ACT NO. 1985
AN ACT TO AMEND ACT NUMBERED FOURTEEN HUNDRED AND NINETY-THREE, ENTITLED "THE POSTAL SAVINGS BANK ACT," AS AMENDED, BY PROVIDING AN ADDITIONAL CLASS OF SECURITIES FOR THE INVESTMENT OF POSTAL SAVINGS BANK FUNDS
SECTION 1. Section eighteen of Act Numbered Fourteen hundred and ninety-three, as amended, is hereby further amended by adding at the end thereof the following:
"(10) In first mortgages upon leasehold interests on lands having still not less than fifty years to run, and all buildings thereon, when the lands are situated in the cities of Manila, Cebu, Iloilo, or Zamboanga, and when the title to the lands is in the Government of the Philippine Islands, and the buildings are of a permanent and substantial character: Provided, That the amount of the loan shall not exceed sixty per centum of the appraised value of the buildings."
ENACTED, April 19, 1910. AaCTcI
Cite This Law
An Act to Amend Act Numbered Fourteen Hundred and Ninety-Three, Entitled "The Postal Savings Bank Act," as Amended, by Providing an Additional Class of Securities for the Investment of Postal Savings Bank Funds, Act No. 1985, Apr 19, 1910 (Philippines)
An Act to Amend Act Numbered Fourteen Hundred and Ninety-Three, Entitled "The Postal Savings Bank Act," as Amended, by Providing an Additional Class of Securities for the Investment of Postal Savings Bank Funds, Act No. 1985 (Phil. 1910)
Related Laws
- An Act Amending Act Numbered Fourteen Hundred and Ninety-Three, Entitled "The Philippine Postal Savings Bank Act," as Amended by Act Numbered Sixteen Hundred and TwentyAct No. 1911 • May 19, 1909 • Statutes
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- An Act Amending Act Numbered Fourteen Hundred and Ninety-ThreeAct No. 1620 • Mar 22, 1907 • Statutes
- An Act to Amend Act No. 1493 by Making Provision for Deposits Made Under Act No. 1780Act No. 1811 • Feb 24, 1908 • Statutes
- An Act to Further Amend Section Two of Commonwealth Act Numbered Seven Entitled "An Act to Create a National Loan and Investment Board, Defining its Powers, and for Other Purposes," As Amended by Commonwealth Act Numbered One Hundred NineCommonwealth Act No. 391 • Sep 5, 1938 • Statutes
- Applicability to Part of Philippine Islands Inhabited by Non-Christian Tribes Certain Acts of 2nd Philippine LegislatureAct No. 1993 • Jun 8, 1910 • Statutes
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