An Act to Liquidate the Municipal Loan Fund, the Private Surveyors' Loan Fund, and the Friar Lands Loan Fund
Commonwealth Act No. 554, approved on May 26, 1940, initiates the liquidation of three specific loan funds: the Municipal Loan Fund, the Private Surveyors' Loan Fund, and the Friar Lands Loan Fund. It stipulates that any uninvested amounts in these funds at the time of the Act's approval will revert to designated bond funds or the general funds of the Philippine Treasury. Additionally, all outstanding loans from these funds must be collected as per their original terms, with collected amounts also reverting to the appropriate funds. The Act takes effect immediately upon approval.
Law Information
- Reference Number
- Commonwealth Act No. 554
- Date Enacted
- Category
- Statutes
- Subcategory
- Commonwealth Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 26, 1940
COMMONWEALTH ACT NO. 554
AN ACT TO LIQUIDATE THE MUNICIPAL LOAN FUND, THE PRIVATE SURVEYORS' LOAN FUND, AND THE FRIAR LANDS LOAN FUND
SECTION 1. The Municipal Loan Fund, created under Act Numbered Thirty-nine hundred and thirty-two, the Private Surveyors' Loan Fund, created under Act Numbered Thirty-three hundred and twenty-seven, as amended, and the Friar Lands Loan Fund, created under Act Numbered Seventeen hundred and thirty-six, are declared under process of liquidation. All amounts existing to the credit of the Municipal Loan Fund, remaining uninvested at the time of the approval of this Act shall revert to the bond funds created under Acts Numbered Twenty-nine hundred and forty and Three thousand and thirteen, and all amounts existing to the credit of the Private Surveyors' Loan Fund and the Friar Lands Loan Fund, remaining uninvested at the time of the approval of this Act, shall revert to the general funds of the Philippine Treasury.
SECTION 2. All loans outstanding at the date of the approval of this Act shall be collected in accordance with the terms and conditions under which they were granted until they are paid in full, and any amount or amounts so collected on account of the Municipal Loan Fund shall likewise revert to the bond funds mentioned in the preceding section, and any amount or amounts collected on account of the Private Surveyors' Loan Fund and the Friar Lands Loan Fund shall likewise revert to the general funds of the Philippine Treasury.
SECTION 3. This Act shall take effect upon its approval.
Approved, May 26, 1940.
Cite This Law
An Act to Liquidate the Municipal Loan Fund, the Private Surveyors' Loan Fund, and the Friar Lands Loan Fund, Commonwealth Act No. 554, May 26, 1940 (Philippines)
An Act to Liquidate the Municipal Loan Fund, the Private Surveyors' Loan Fund, and the Friar Lands Loan Fund, Commonwealth Act No. 554 (Phil. 1940)
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