Republic Act No. 1341, enacted on June 16, 1955, appropriates twenty million pesos from the proceeds of a bond issue for the Cebu Portland Cement Company and coal resource development. Of this amount, fifteen million pesos is designated for increasing the company's capital stock, while five million pesos is allocated for the exploration and development of coal resources. Importantly, the act stipulates that the latter sum cannot be used to compete with private coal mining operations or for exploration on a royalty basis for resources leased to private entities. The act takes effect upon approval and was published in the Official Gazette in August 1955.
June 16, 1955
REPUBLIC ACT NO. 1341
AN ACT APPROPRIATING THE SUM OF TWENTY MILLION PESOS OUT OF THE PROCEEDS OF THE BOND ISSUE AUTHORIZED BY REPUBLIC ACT NUMBERED ONE THOUSAND, FOR ADDITIONAL CAPITALIZATION OF THE CEBU PORTLAND CEMENT COMPANY AND THE EXPLORATION AND DEVELOPMENT OF THE COAL RESOURCES, AND FOR OTHER PURPOSES
SECTION 1. Out of the proceeds of the bond issue authorized by Republic Act Numbered One thousand, there is hereby appropriated the sum of twenty million pesos for the Cebu Portland Cement Company.
SECTION 2. Of the amount appropriated under section one hereof, fifteen million pesos shall be invested to increase the capital stock of the Cebu Portland Cement Company, and five million pesos shall be utilized for the exploration and development of the country's coal resources: Provided, however, That no portion of the latter sum shall be utilized to compete with private persons engaged in coal mining or for the exploration and/or development by the Cebu Portland Cement Company on royalty basis of coal resources leased by the Government in favor of private persons.
SECTION 3. This Act shall take effect upon its approval.
Approved: June 16, 1955
Published in the Official Gazette, Vol. 51, No. 8, p. 3888 in August 1955