An Act to Amend Subsection (l) of Section 2029 of Act No. 2711, Known as the Administrative Code
Act No. 2856, approved on March 12, 1919, amends the Administrative Code to allow the Postal Savings Bank to grant loans to the Insular Government for up to 500,000 pesos. These loans are intended for the purchase or construction of public buildings and must be repaid in ten annual installments at a 4% interest rate. The Secretary of Commerce and Communications is authorized to secure these loans and invest the funds in related projects. Additionally, a portion of the loan amount will be automatically appropriated annually from the Insular Treasury until the debt is fully repaid.
Quick Answers
- What is An Act to Amend Subsection (l) of Section 2029 of Act No. 2711, Known as the Administrative Code about?
- Act No. 2856, approved on March 12, 1919, amends the Administrative Code to allow the Postal Savings Bank to grant loans to the Insular Government for up to 500,000 pesos. These loans are intended for the purchase or construction of public buildings and must be repaid in ten annual installments at a 4% interest rate. The Secretary of Commerce and Communications is authorized to secure these loans and invest the funds in related projects. Additionally, a portion of the loan amount will be automatically appropriated annually from the Insular Treasury until the debt is fully repaid.
- What type of law is Act No. 2856?
- An Act to Amend Subsection (l) of Section 2029 of Act No. 2711, Known as the Administrative Code (Act No. 2856) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was An Act to Amend Subsection (l) of Section 2029 of Act No. 2711, Known as the Administrative Code enacted?
- An Act to Amend Subsection (l) of Section 2029 of Act No. 2711, Known as the Administrative Code (Act No. 2856) was enacted on Mar 12, 1919.
- What is the citation for An Act to Amend Subsection (l) of Section 2029 of Act No. 2711, Known as the Administrative Code?
- An Act to Amend Subsection (l) of Section 2029 of Act No. 2711, Known as the Administrative Code, Act No. 2856, Mar 12, 1919 (Philippines)
Law Information
- Reference Number
- Act No. 2856
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 12, 1919
ACT NO. 2856
AN ACT TO AMEND SUBSECTION (L) OF SECTION TWO THOUSAND AND TWENTY-NINE OF ACT NUMBERED TWENTY-SEVEN HUNDRED AND ELEVEN, KNOWN AS THE ADMINISTRATIVE CODE, AUTHORIZING THE POSTAL SAVINGS BANK TO GRANT LOANS TO THE INSULAR GOVERNMENT FOR THE PURCHASE OR CONSTRUCTION OF PUBLIC BUILDINGS, AND AUTHORIZING THE SECRETARY OF COMMERCE AND COMMUNICATIONS TO INVEST THE FUNDS SO OBTAINED
SECTION 1. Subsection (l) of section two thousand and twenty-nine of Act Numbered Twenty-seven hundred and eleven is hereby amended to read as follows:
"(l) In a loan to the Insular Government of not exceeding five hundred thousand pesos, for the purchase or construction of public buildings for the offices of the Insular Government, including the equipment and maintenance of the same: Provided, That said loan shall be repaid in ten annual installments with interest at four per centum per annum: And provided, further, That whenever said loan shall be made, one-tenth the amount so loaned, together with interest on the deferred payment at the rate of four per centum per annum, shall be regarded without further legislative action as appropriated annually from the unappropriated surplus in the Insular Treasury until the loan and interest thereon shall have been paid and such amount so appropriated shall be paid to the Postal Savings Bank on account of said loan."
SECTION 2. The Secretary of Commerce and Communications is hereby authorized to obtain on behalf of the Insular Government loans from the Postal Savings Bank and to invest the sums so obtained in the purchase or construction of public buildings for the offices of the Insular Government and in the equipment and maintenance of the buildings so purchased or constructed.
SECTION 3. This Act shall take effect on its approval.
Approved, March 12, 1919.
Cite This Law
An Act to Amend Subsection (l) of Section 2029 of Act No. 2711, Known as the Administrative Code, Act No. 2856, Mar 12, 1919 (Philippines)
An Act to Amend Subsection (l) of Section 2029 of Act No. 2711, Known as the Administrative Code, Act No. 2856 (Phil. 1919)
Related Laws
- An Act to Amend Section 2605 of Act No. 2711, Commonly Known as the Administrative CodeAct No. 2949 • Feb 16, 1921 • Statutes
- An Act to Amend Section 1045 of Act No. 2711, Known as the Administrative CodeAct No. 2943 • Feb 16, 1921 • Statutes
- An Act to Amend Subsection (n) of Section 2444 of Act No. 2711, as Amended by Act No. 2774Act No. 2965 • Feb 28, 1921 • Statutes
- Amendment to Sec. 2029 of Act No. 2711 (Revised Administrative Code)Act No. 3369 • Dec 3, 1927 • Statutes
- An Act to Amend Subsection (d) of Section 2243 of Act No. 2711Act No. 3019 • Mar 8, 1922 • Statutes
- An Act to Amend Subsection (i) of Section Twelve Hundred and Three of the Administrative CodeAct No. 3139 • Mar 6, 1924 • Statutes
Browse More Statutes
Explore other laws in the Statutes category.
View All StatutesNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law