An Act to Raise the Amount that may be Loaned by the National Bank for Agricultural Purposes from Sixty to Seventy-Five Per Cent of its Capital and Surplus, by Amending Act Numbered Twenty-Nine Hundred and Thirty-Eight, as Amended by Act Numbered Forty-One Hundred and Seventy
Commonwealth Act No. 460, enacted on June 9, 1939, amends the Philippine National Bank's charter to increase the maximum loan amount for agricultural purposes from 60% to 75% of its capital and surplus. The act stipulates that loans must be secured by first mortgages on real estate, with a limit of 60% of the property's actual value, including improvements. It requires written applications detailing the property and intended use of the loan, and prohibits using loan proceeds for any other purposes. The act aims to promote agricultural development through accessible financing while ensuring adequate security measures for the loans.
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- What is An Act to Raise the Amount that may be Loaned by the National Bank for Agricultural Purposes from Sixty to Seventy-Five Per Cent of its Capital and Surplus, by Amending Act Numbered Twenty-Nine Hundred and Thirty-Eight, as Amended by Act Numbered Forty-One Hundred and Seventy about?
- Commonwealth Act No. 460, enacted on June 9, 1939, amends the Philippine National Bank's charter to increase the maximum loan amount for agricultural purposes from 60% to 75% of its capital and surplus. The act stipulates that loans must be secured by first mortgages on real estate, with a limit of 60% of the property's actual value, including improvements. It requires written applications detailing the property and intended use of the loan, and prohibits using loan proceeds for any other purposes. The act aims to promote agricultural development through accessible financing while ensuring adequate security measures for the loans.
- What type of law is Commonwealth Act No. 460?
- An Act to Raise the Amount that may be Loaned by the National Bank for Agricultural Purposes from Sixty to Seventy-Five Per Cent of its Capital and Surplus, by Amending Act Numbered Twenty-Nine Hundred and Thirty-Eight, as Amended by Act Numbered Forty-One Hundred and Seventy (Commonwealth Act No. 460) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was An Act to Raise the Amount that may be Loaned by the National Bank for Agricultural Purposes from Sixty to Seventy-Five Per Cent of its Capital and Surplus, by Amending Act Numbered Twenty-Nine Hundred and Thirty-Eight, as Amended by Act Numbered Forty-One Hundred and Seventy enacted?
- An Act to Raise the Amount that may be Loaned by the National Bank for Agricultural Purposes from Sixty to Seventy-Five Per Cent of its Capital and Surplus, by Amending Act Numbered Twenty-Nine Hundred and Thirty-Eight, as Amended by Act Numbered Forty-One Hundred and Seventy (Commonwealth Act No. 460) was enacted on Jun 9, 1939.
- What is the citation for An Act to Raise the Amount that may be Loaned by the National Bank for Agricultural Purposes from Sixty to Seventy-Five Per Cent of its Capital and Surplus, by Amending Act Numbered Twenty-Nine Hundred and Thirty-Eight, as Amended by Act Numbered Forty-One Hundred and Seventy?
- An Act to Raise the Amount that may be Loaned by the National Bank for Agricultural Purposes from Sixty to Seventy-Five Per Cent of its Capital and Surplus, by Amending Act Numbered Twenty-Nine Hundred and Thirty-Eight, as Amended by Act Numbered Forty-One Hundred and Seventy, Commonwealth Act No. 460, Jun 9, 1939 (Philippines)
Law Information
- Reference Number
- Commonwealth Act No. 460
- Date Enacted
- Category
- Statutes
- Subcategory
- Commonwealth Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 9, 1939
COMMONWEALTH ACT NO. 460
AN ACT TO RAISE THE AMOUNT THAT MAY BE LOANED BY THE NATIONAL BANK FOR AGRICULTURAL PURPOSES FROM SIXTY TO SEVENTY-FIVE PER CENT OF ITS CAPITAL AND SURPLUS, BY AMENDING ACT NUMBERED TWENTY-NINE HUNDRED AND THIRTY-EIGHT, AS AMENDED BY ACT NUMBERED FORTY-ONE HUNDRED AND SEVENTY
SECTION 1. Section nine of the present Charter of the Philippine National Bank, contained in Act Numbered Twenty-nine hundred and thirty-eight, as amended by Act Numbered Forty-one hundred and seventy, is hereby further amended to read as follows: IcDCaS
"SEC. 9. Said National Bank is hereby authorized to loan, for agricultural purposes, not to exceed seventy-five per cent of its capital and surplus and all amounts realized from the sale of real estate bonds, as provided in sections eleven and twelve herein, on notes secured by real estate mortgages. Payment of such notes shall be secured by first mortgages on real estate in the Philippines, and in no case shall such loans exceed sixty per cent of the actual value of said real estate, including the value of the permanent improvements thereon, such as buildings and machinery if the same form an integral part of the agricultural development: Provided, however, That whenever the Bank may deem it advisable, the mortgages shall contain a clause obliging the mortgagor to insure to their full value in the name of the National Bank such buildings and improvements. The due date of said mortgages shall not be less than one year from the date thereof, nor more than thirty years. The said mortgages may, by their terms, be made payable at one time or in installments: Provided, That when the due date of the mortgage is five years or more after the date of its execution, the principal and interest of the loan shall be made payable by its terms in equal installments of not more than one year each. Loans made by the National Bank of real estate security shall be made for the purpose of promoting agriculture. Application for such loans shall be in writing and under oath, and shall contain, among other things:
"(a) A detailed description of the real estate;
"(b) An appraisal thereof at its reasonable market value;
"(c) A full statement of the purposes for which the loan is desired.
"It shall be unlawful to use the proceeds of said loan or any part thereof, for any purpose or purposes except the purpose or purposes set out in said application. Any violation of this clause shall be sufficient cause for the rescission of the contract and the foreclosure of the mortgage."
SECTION 2. This Act shall take effect on its approval.
Approved, June 9, 1939. aIETCA
Cite This Law
An Act to Raise the Amount that may be Loaned by the National Bank for Agricultural Purposes from Sixty to Seventy-Five Per Cent of its Capital and Surplus, by Amending Act Numbered Twenty-Nine Hundred and Thirty-Eight, as Amended by Act Numbered Forty-One Hundred and Seventy, Commonwealth Act No. 460, Jun 9, 1939 (Philippines)
An Act to Raise the Amount that may be Loaned by the National Bank for Agricultural Purposes from Sixty to Seventy-Five Per Cent of its Capital and Surplus, by Amending Act Numbered Twenty-Nine Hundred and Thirty-Eight, as Amended by Act Numbered Forty-One Hundred and Seventy, Commonwealth Act No. 460 (Phil. 1939)
Related Laws
- An Act to Amend Section Ten of Act Numbered Twenty-Seven Hundred and Forty-Seven, which Amends Act Numbered Twenty-Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," by Increasing the Loans for the Purpose of Promoting Agriculture to Seventy Per CentAct No. 3033 • Mar 9, 1922 • Statutes
- An Act to Amend Act Numbered Twenty-Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," as Amended by Act Numbered Twenty-Seven, Hundred and Forty-SevenAct No. 2938 • Jan 30, 1921 • Statutes
- An Act to Amend Several Sections 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 by Act Numbered Forty Hundred and Seventy-Nine and by Commonwealth Act Numbered SixtyCommonwealth Act No. 384 • Sep 5, 1938 • Statutes
- An Act to Amend Sections Thirty-Four, Thirty-Six and Thirty-Seven of Act Numbered Twenty-Eight Hundred and Seventy-Four Known as "The Public Land Act"Commonwealth Act No. 30 • Sep 8, 1936 • Statutes
- An Act to Amend Certain Sections 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 by Acts Numbered Thirty-One Hundred and Nine and Forty Hundred and Seventy-NineCommonwealth Act No. 60 • Oct 20, 1936 • Statutes
- An Act to Amend Section Forty-Five of Act Numbered Two Thousand Six Hundred and Twelve, Entitled "An Act Creating the Philippine National Bank," As Amended by Act Numbered Two Thousand Nine Hundred and Thirty-EightCommonwealth Act No. 318 • Jun 9, 1938 • Statutes
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