An Act to Provide Funds for the Extension of the Lines of the Manila Railroad Company
Act No. 2790, approved on February 17, 1919, authorizes the Insular Treasurer to lend the Manila Railroad Company two million pesos from unappropriated general funds for a period of up to ten years. This loan, which carries an interest rate of 3.5% per annum, is intended for the extension of railway lines and the acquisition of additional equipment and rolling stock. The loan will be secured by bonds and will constitute a lien on the company's property, subordinate to any existing liens. The Act takes effect upon its approval.
Law Information
- Reference Number
- Act No. 2790
- Date Enacted
- Category
- Statutes
- Subcategory
- Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
February 17, 1919
ACT NO. 2790
AN ACT TO PROVIDE FUNDS FOR THE EXTENSION OF THE LINES OF THE MANILA RAILROAD COMPANY
SECTION 1. The Insular Treasurer is hereby authorized, upon the order of the Secretary of Finance and with the approval of the Governor-General, to lend to the Manila Railroad Company out of the unappropriated general funds of the Insular Treasury for a period not exceeding ten years, the sum of two million pesos to be secured by bonds of the Manila Railroad Company with interest at three and one half per centum per annum for the extension of the present line from Calauag, south to Guinayangan, or other suitable terminal; for the extension of the Legaspi lines from Iriga, north; for the extension of the Northern lines into the Cagayan Valley, and for the purchase of such additional equipment and rolling stock as may be necessary, Said loan shall constitute a lien on the property of the Manila Railroad Company subject only to prior liens thereon at the time such loan is made.
SECTION 2. This Act shall take effect on its approval.
Approved: February 17, 1919.
Cite This Law
An Act to Provide Funds for the Extension of the Lines of the Manila Railroad Company, Act No. 2790, Feb 17, 1919 (Philippines)
An Act to Provide Funds for the Extension of the Lines of the Manila Railroad Company, Act No. 2790 (Phil. 1919)
Related Laws
- Appropriation of Funds for Extension of Manila Railroad CompanyRepublic Act No. 1867 • Jun 22, 1957 • Statutes
- An Act To Provide Certain Facilities for The Administration of The Manila Railroad CompanyAct No. 2699 • Mar 9, 1917 • Statutes
- Grant of Franchise to Manila Electric Railroad and Light Company (Extension of Lines)Act No. 1348 • May 23, 1905 • Statutes
- Providing Funds for the Purchase of Certain Outstanding Manila Railroad Company First Mortgage Southern Lines 4% Gold BondsCommonwealth Act No. 4 • Dec 31, 1935 • 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
- Grant to Manila Railroad Company of Concession for Railway Lines in Island of LuzonAct No. 1510 • Jul 18, 1906 • 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