An Act to Encourage the Increase of the Rice and Corn Production in the Philippine Islands, to Appropriate the Necessary Funds Therefor, and for Other Purposes

March 4, 1919

ACT NO. 2818

AN ACT TO ENCOURAGE THE INCREASE OF THE RICE AND CORN PRODUCTION IN THE PHILIPPINE ISLANDS, TO APPROPRIATE THE NECESSARY FUNDS THEREFOR, AND FOR OTHER PURPOSES

SECTION 1. For the purpose of increasing the production of rice and corn in the Philippine Islands, encouraging and stimulating the breaking and cultivation of new areas of lands suitable therefor which now lie fallow, there is hereby appropriated, out of any funds in the Insular Treasury not otherwise appropriated, the sum of one million pesos, to be invested and disbursed in accordance with the provisions of this Act.

SECTION 2. The sum of one million pesos so appropriated shall be invested exclusively in loans to agricultural credit cooperative associations organized under Act Numbered Twenty-five hundred and eight and its amendments, subject to such conditions as the Secretary of Agriculture and Natural Resources may require: Provided, however, That such loans shall be granted only for the breaking and cultivation of new rice or corn lands which are, or have been, lying fallow, or for the purchase of the work cattle or agricultural implements necessary to increase said production. These loans shall bear interest at a rate not to exceed six per centum per annum: Provided, further, That each individual loan shall not be in excess of the sum of two thousand pesos, and that the maturity of said loans shall not extend beyond June thirtieth, nineteen hundred and twenty-five. At the expiration of said period, the entire capital and interest shall revert to the Insular Treasury, and the lands, cattle, or other property attached for delinquency shall become the property of the Government of the Philippine Islands, and the Director of Lands may, with the approval of the Secretary of Agriculture and Natural Resources, lease the same in accordance with the provisions of the Public Land Act or sell them to individuals only, in accordance with said Act.

SECTION 3. The capital and the interest referred to in the last and preceding section shall constitute a special fund, to be known as the "Rice and Corn Fund," and shall be invested only in accordance with the aims and purposes of this Act. The Secretary of Agriculture and Natural Resources may, however, set aside part of said funds for the purchase of work cattle, seed, and agricultural implements for sale to the borrowers, but the proceeds of such sale shall be added to said special fund.

SECTION 4. The Secretary of Agriculture and Natural Resources may also set aside part of the funds appropriated by this Act for salaries and travel expenses and other necessary expenses incurred in carrying out the purposes of this Act, and said Secretary of Agriculture and Natural Resources is hereby authorized to appoint and employ such personnel as may be necessary.

SECTION 5. This Act shall take effect on its approval and shall continue in force until June thirtieth, nineteen hundred and twenty-five, and all causes, proceedings, or actions of any nature begun, or that may have to be begun, under his Act after said date, shall be continued and carried on as if such Act were still in force, until the final conclusion of such causes, proceedings, or actions. CAIHTE

Approved: March 4, 1919.