An Act to Amend Subsection (M) of Section Two of Act Numbered Twenty-Eight Hundred and Thirty-Two Entitled, "An Act Creating a Public Corporation Denominated the Metropolitan Water District, Prescribing its Functions and Activities, and for Other Purposes," As Amended
Commonwealth Act No. 438, enacted on May 31, 1939, amends the powers of the Metropolitan Water District of Manila regarding its financial operations. Specifically, it allows the District to contract indebtedness and issue bonds, contingent upon the approval of the Secretary of Finance. The total bonded indebtedness is capped at twenty million pesos. This amendment aims to enhance the District's ability to effectively manage its corporate affairs and fulfill its organizational purposes. The Act takes effect upon approval.
Law Information
- Reference Number
- Commonwealth Act No. 438
- Date Enacted
- Category
- Statutes
- Subcategory
- Commonwealth Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 31, 1939
COMMONWEALTH ACT NO. 438
AN ACT TO AMEND SUBSECTION (m) OF SECTION TWO OF ACT NUMBERED TWENTY-EIGHT HUNDRED AND THIRTY-TWO ENTITLED, "AN ACT CREATING A PUBLIC CORPORATION DENOMINATED THE METROPOLITAN WATER DISTRICT, PRESCRIBING ITS FUNCTIONS AND ACTIVITIES, AND FOR OTHER PURPOSES," AS AMENDED
SECTION 1. Subsection (m) of section two of Act Numbered Twenty-eight hundred and thirty-two, as amended by Act Numbered Forty hundred and seventy-nine, is further amended so as to read as follows:
"SEC. 2. Powers and general functions of the District. — The powers, functions, and activities of the Metropolitan Water District of Manila shall be the following:
"(m) When essential to the proper administration of its corporate affairs or necessary for the proper transaction of its business or to carry out the purposes for which it was organized, to contract indebtedness and issue bonds, subject to the approval of the Secretary of Finance. The bonded indebtedness of the District, of all classes, shall not at any time exceed twenty million pesos, and the issue thereof shall be subject to the conditions set forth in section five of this Act."
SECTION 2. This Act shall take effect upon its approval.
Approved, May 31, 1939. SCaEcD
Cite This Law
An Act to Amend Subsection (M) of Section Two of Act Numbered Twenty-Eight Hundred and Thirty-Two Entitled, "An Act Creating a Public Corporation Denominated the Metropolitan Water District, Prescribing its Functions and Activities, and for Other Purposes," As Amended, Commonwealth Act No. 438, May 31, 1939 (Philippines)
An Act to Amend Subsection (M) of Section Two of Act Numbered Twenty-Eight Hundred and Thirty-Two Entitled, "An Act Creating a Public Corporation Denominated the Metropolitan Water District, Prescribing its Functions and Activities, and for Other Purposes," As Amended, Commonwealth Act No. 438 (Phil. 1939)
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