An Act to Amend Subsection (a) of Section 1 of Act No. 2950
Act No. 3009, enacted on March 8, 1922, amends a previous law regarding the issuance of bonds by provinces, municipalities, and chartered cities in the Philippines. The amendment specifies that the Governor-General is responsible for issuing and selling these bonds at public auction, under the terms set by the Council of State. It allows for the assignment of bonds to the Government of the Philippine Islands in exchange for proceeds from bonds issued by the national government, with a provision for the Insular Treasurer to advance up to 75% of the bond's face value to the local government. This act aims to streamline the process of local government financing through bond issuance. The act takes effect upon its approval.
Quick Answers
- What is An Act to Amend Subsection (a) of Section 1 of Act No. 2950 about?
- Act No. 3009, enacted on March 8, 1922, amends a previous law regarding the issuance of bonds by provinces, municipalities, and chartered cities in the Philippines. The amendment specifies that the Governor-General is responsible for issuing and selling these bonds at public auction, under the terms set by the Council of State. It allows for the assignment of bonds to the Government of the Philippine Islands in exchange for proceeds from bonds issued by the national government, with a provision for the Insular Treasurer to advance up to 75% of the bond's face value to the local government. This act aims to streamline the process of local government financing through bond issuance. The act takes effect upon its approval.
- What type of law is Act No. 3009?
- An Act to Amend Subsection (a) of Section 1 of Act No. 2950 (Act No. 3009) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was An Act to Amend Subsection (a) of Section 1 of Act No. 2950 enacted?
- An Act to Amend Subsection (a) of Section 1 of Act No. 2950 (Act No. 3009) was enacted on Mar 8, 1922.
- What is the citation for An Act to Amend Subsection (a) of Section 1 of Act No. 2950?
- An Act to Amend Subsection (a) of Section 1 of Act No. 2950, Act No. 3009, Mar 8, 1922 (Philippines)
Law Information
- Reference Number
- Act No. 3009
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 8, 1922
ACT NO. 3009
AN ACT TO AMEND SUBSECTION (A) OF SECTION ONE OF ACT NUMBERED TWENTY-NINE HUNDRED AND FIFTY, ENTITLED "AN ACT TO AMEND ACT NUMBERED TWENTY-EIGHT HUNDRED AND NINETY-FOUR, ENTITLED 'AN ACT GRANTING AUTHORITY TO PROVINCES, MUNICIPALITIES, AND CHARTERED CITIES TO INCUR INDEBTEDNESS AND ISSUE BONDS COVERING THE SAME UNDER CERTAIN CONDITIONS'"
SECTION 1. Paragraph (a) of section one of Act Numbered Twenty-nine hundred and fifty is hereby amended to read as follows:
"(a) The Governor-General, in the name and on behalf of the province, municipality or city concerned, shall issue the bonds authorized on the date designated by the Council of State and shall sell the same at public auction, through the Bureau of Insular Affairs or the Insular Treasurer, on such terms as are most favorable to the Government, upon not less than ten days' notice, or shall assign and transfer them to the Government of the Philippine Islands for and in consideration of the net proceeds of the sale of bonds of the Government of the Philippine Islands which shall be issued in an equivalent amount upon the said bonds of the provinces, municipalities, and cities as security, which said net proceeds shall be credited to the proper account, as provided in paragraph (d) of this section, on the date that the Insular Treasurer shall receive notice of the deposit to his credit of the proceeds of the sale of the corresponding bonds of the Government of the Philippine Islands by the Secretary of War in a duty authorized depository or depositories of Government funds in the United States: Provided, however, That the Insular Treasurer, upon order of the Secretary of Finance, with the consent of the Council of State, shall advance from the general funds in the Insular Treasury to the province, municipality, or city whose bonds have been assigned and transferred to the Government of the Philippine Islands, an amount not exceeding seventy-five per centum of the face value of the bonds so assigned and transferred, which amount shall be reimbursed with the proceeds of the sale of the bonds of the Government of the Philippine Islands secured by bonds issued by virtue of this Act."
SECTION 2. This Act shall take effect on its approval.
Approved, March 8, 1922.
Cite This Law
An Act to Amend Subsection (a) of Section 1 of Act No. 2950, Act No. 3009, Mar 8, 1922 (Philippines)
An Act to Amend Subsection (a) of Section 1 of Act No. 2950, Act No. 3009 (Phil. 1922)
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