An Act to Guarantee the Payment by the Government of the Philippine Islands of the Principal and Interest of Certain Bonds to be Issued by the Manila Railroad Company of the Philippine Islands
Act No. 3008, enacted on February 28, 1922, provides a guarantee from the Government of the Philippine Islands for the principal and interest payments of bonds issued by the Manila Railroad Company. The bonds, known as "Seven Per Cent Sinking Fund Bonds," amount to $1.5 million and are intended to address the company's debts and fund construction projects. The bonds are secured by a trust of unsold first mortgage bonds, and if the company defaults, the government commits to cover the payments. This legislation aims to enhance the marketability of the bonds and ensure financial stability for the railroad company.
Quick Answers
- What is An Act to Guarantee the Payment by the Government of the Philippine Islands of the Principal and Interest of Certain Bonds to be Issued by the Manila Railroad Company of the Philippine Islands about?
- Act No. 3008, enacted on February 28, 1922, provides a guarantee from the Government of the Philippine Islands for the principal and interest payments of bonds issued by the Manila Railroad Company. The bonds, known as "Seven Per Cent Sinking Fund Bonds," amount to $1.5 million and are intended to address the company's debts and fund construction projects. The bonds are secured by a trust of unsold first mortgage bonds, and if the company defaults, the government commits to cover the payments. This legislation aims to enhance the marketability of the bonds and ensure financial stability for the railroad company.
- What type of law is Act No. 3008?
- An Act to Guarantee the Payment by the Government of the Philippine Islands of the Principal and Interest of Certain Bonds to be Issued by the Manila Railroad Company of the Philippine Islands (Act No. 3008) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was An Act to Guarantee the Payment by the Government of the Philippine Islands of the Principal and Interest of Certain Bonds to be Issued by the Manila Railroad Company of the Philippine Islands enacted?
- An Act to Guarantee the Payment by the Government of the Philippine Islands of the Principal and Interest of Certain Bonds to be Issued by the Manila Railroad Company of the Philippine Islands (Act No. 3008) was enacted on Feb 28, 1922.
- What is the citation for An Act to Guarantee the Payment by the Government of the Philippine Islands of the Principal and Interest of Certain Bonds to be Issued by the Manila Railroad Company of the Philippine Islands?
- An Act to Guarantee the Payment by the Government of the Philippine Islands of the Principal and Interest of Certain Bonds to be Issued by the Manila Railroad Company of the Philippine Islands, Act No. 3008, Feb 28, 1922 (Philippines)
Law Information
- Reference Number
- Act No. 3008
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
February 28, 1922
ACT NO. 3008
AN ACT TO GUARANTEE THE PAYMENT BY THE GOVERNMENT OF THE PHILIPPINE ISLANDS OF THE PRINCIPAL AND INTEREST OF CERTAIN BONDS TO BE ISSUED BY THE MANILA RAILROAD COMPANY OF THE PHILIPPINE ISLANDS
Whereas, the Stockholders of the Manila Railroad Company of the Philippine Islands in a meeting held on February sixteen, nineteen hundred and twenty-two, have voted to issue a series of bonds to be known as "Seven Per Cent Sinking Fund Bonds" in the sum of one million five hundred thousand dollars gold, United States currency, for the purpose of paying certain indebtedness of the Company and for construction purposes and to provide for a sinking fund to pay such bonds and interest thereon, such bonds to be secured by deposit with a trustee of unsold first mortgage four per cent gold bonds of the said company to the amount of two million eight hundred and eleven thousand dollars, United States currency, said trustee having power to sell said bonds if necessary to pay the principal and interest of said bond issue: Now, therefore,
SECTION 1. For the purpose of augmenting the credit of said sinking fund bonds in the market, the Government of the Philippine Islands hereby guarantees the due and punctual payment by the Manila Railroad Company of the Philippine Islands of the principal and interest of said bonds when and as they mature, and become due, respectively, and in the event of any default of the Manila Railroad Company in the payment of the interest and principal of said bonds, or either of them, and of the inability of the trustee to sell enough of the First Mortgage four per cent Gold Bonds deposited with it as security, to pay the said principal or interest or both when and as they mature and become due, respectively, the Government itself will pay the same on demand.
SECTION 2. This Act shall take effect on its approval.
Approved, February 28, 1922.
Cite This Law
An Act to Guarantee the Payment by the Government of the Philippine Islands of the Principal and Interest of Certain Bonds to be Issued by the Manila Railroad Company of the Philippine Islands, Act No. 3008, Feb 28, 1922 (Philippines)
An Act to Guarantee the Payment by the Government of the Philippine Islands of the Principal and Interest of Certain Bonds to be Issued by the Manila Railroad Company of the Philippine Islands, Act No. 3008 (Phil. 1922)
Related Laws
- An Act Exempting Certain Bonds of the "Manila Railroad Company of the Philippine Islands" from TaxationAct No. 2916 • Mar 23, 1920 • Statutes
- Authorizing the Governor-General to Execute a Certain MOA with the Manila Railroad Company and the Manila Railway Company (1906), Ltd.Act No. 2574 • Feb 4, 1916 • Statutes
- An Act Authorizing the Issue of Bonds of the Government of the Philippine Islands Secured by Bonds Issued by Provinces, Municipalities and Chartered CitiesAct No. 3051 • Mar 11, 1922 • Statutes
- An Act Granting the Manila Railroad Company Certain Additional Concessions for Railroad Lines in the Island of Luzon and Guaranteeing Interest on the First Mortgage Bonds of Said Lines and of Certain Lines Already Authorized by Act Numbered Fifteen Hundred and Ten, and for Other PurposesAct No. 1905 • May 19, 1909 • Statutes
- An Act Regulating the Free Entry of Certain Railroad Material Imported Into the Philippine IslandsAct No. 1566 • Dec 7, 1906 • Statutes
- An Act Granting to the Manila Railroad Company of the Philippine Islands a Concession to Construct a Railroad in the Island of LuzonAct No. 2836 • Mar 8, 1919 • Statutes
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