An Act to Amend Section Forty-Five of Act Numbered Two Thousand Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," As Amended by Act Numbered Two Thousand Nine Hundred and Thirty-Eight
Commonwealth Act No. 318, enacted on June 9, 1938, amends Section 45 of the Philippine National Bank Act to expand the bank's authority in guaranteeing bonds issued by incorporated companies. These bonds, intended for the construction or enhancement of industrial plants in the Philippines, can be guaranteed for both principal and interest, contingent upon approval from the President or their designated representatives. Additionally, the Act allows the National Bank to purchase bonds from companies involved in manufacturing, provided these are secured by a first mortgage or deed of trust on the company's assets. The total value of such bonds is capped at 60% of the fair value of the collateral. This amendment is effective upon its approval.
Quick Answers
- What is An Act to Amend Section Forty-Five of Act Numbered Two Thousand Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," As Amended by Act Numbered Two Thousand Nine Hundred and Thirty-Eight about?
- Commonwealth Act No. 318, enacted on June 9, 1938, amends Section 45 of the Philippine National Bank Act to expand the bank's authority in guaranteeing bonds issued by incorporated companies. These bonds, intended for the construction or enhancement of industrial plants in the Philippines, can be guaranteed for both principal and interest, contingent upon approval from the President or their designated representatives. Additionally, the Act allows the National Bank to purchase bonds from companies involved in manufacturing, provided these are secured by a first mortgage or deed of trust on the company's assets. The total value of such bonds is capped at 60% of the fair value of the collateral. This amendment is effective upon its approval.
- What type of law is Commonwealth Act No. 318?
- An Act to Amend Section Forty-Five of Act Numbered Two Thousand Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," As Amended by Act Numbered Two Thousand Nine Hundred and Thirty-Eight (Commonwealth Act No. 318) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was An Act to Amend Section Forty-Five of Act Numbered Two Thousand Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," As Amended by Act Numbered Two Thousand Nine Hundred and Thirty-Eight enacted?
- An Act to Amend Section Forty-Five of Act Numbered Two Thousand Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," As Amended by Act Numbered Two Thousand Nine Hundred and Thirty-Eight (Commonwealth Act No. 318) was enacted on Jun 9, 1938.
- What is the citation for An Act to Amend Section Forty-Five of Act Numbered Two Thousand Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," As Amended by Act Numbered Two Thousand Nine Hundred and Thirty-Eight?
- An Act to Amend Section Forty-Five of Act Numbered Two Thousand Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," As Amended by Act Numbered Two Thousand Nine Hundred and Thirty-Eight, Commonwealth Act No. 318, Jun 9, 1938 (Philippines)
Law Information
- Reference Number
- Commonwealth Act No. 318
- Date Enacted
- Category
- Statutes
- Subcategory
- Commonwealth Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 9, 1938
COMMONWEALTH ACT NO. 318
AN ACT TO AMEND SECTION FORTY-FIVE OF ACT NUMBERED TWO THOUSAND SIX HUNDRED AND TWELVE, ENTITLED "AN ACT CREATING THE PHILIPPINE NATIONAL BANK," AS AMENDED BY ACT NUMBERED TWO THOUSAND NINE HUNDRED AND THIRTY-EIGHT
SECTION 1. Section forty-five of Act Numbered Two thousand six hundred and twelve, entitled, "An Act creating the Philippine National Bank," as amended by section one of Act Numbered Two thousand nine hundred and thirty-eight, is further amended so as to read as follows:
"SEC. 45. The National Bank is authorized to guarantee both as to principal and interest, or either, bonds issued by duly incorporated companies for the erection of and addition or additions to industrial plants or manufactories principally used for the manufacture and preparation of the products of the Philippines: Provided, however, That such guarantee shall only be lawful when approved by the President of the Philippines or by such person or persons as he may designate pursuant to the authority vested in him by Commonwealth Act Numbered Eleven.
"Subject to the same approval, the National Bank is authorized to purchase bonds issued by any duly incorporated company engaged in the manufacture or preparation of products in the Philippines and those guaranteed by the National Development Company. Such bonds shall be secured by a first mortgage or deed of trust on the property of the company. The face value of the bonds issued and secured by such mortgage or deed of trust, except those guaranteed by the National Development Company, shall not exceed sixty per cent of the fair value of the property securing the bonds. The property serving as security for the bonds shall consist of land, buildings, machinery, and equipment of such company in the Philippines."
SECTION 2. This Act shall take effect upon its approval.
Approved, June 9, 1938.
Cite This Law
An Act to Amend Section Forty-Five of Act Numbered Two Thousand Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," As Amended by Act Numbered Two Thousand Nine Hundred and Thirty-Eight, Commonwealth Act No. 318, Jun 9, 1938 (Philippines)
An Act to Amend Section Forty-Five of Act Numbered Two Thousand Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," As Amended by Act Numbered Two Thousand Nine Hundred and Thirty-Eight, Commonwealth Act No. 318 (Phil. 1938)
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