Appropriation of Funds for Prison Industries and Salvage Warehouse Revolving Fund
Republic Act No. 1098, enacted on June 15, 1954, appropriates one million pesos as working capital for the Prison Industries and Salvage Warehouse Revolving Fund. This amount is to be disbursed in a lump sum to the Bureau of Prisons, contingent upon certification from the Commissioner of the Budget. The Act mandates that the funds, along with any cash overdraft, be repaid to the National Treasury over a ten-year period, starting in the fiscal year 1955-1956, through annual amortization. The Act took effect upon its approval and was published in the Official Gazette in July 1954.
Law Information
- Reference Number
- Republic Act No. 1098
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
June 15, 1954
REPUBLIC ACT NO. 1098
AN ACT APPROPRIATING THE SUM OF ONE MILLION PESOS AS WORKING CAPITAL OF THE PRISON INDUSTRIES AND SALVAGE WAREHOUSE REVOLVING FUND, AND PROVIDING FOR ITS ANNUAL AMORTIZATION WITHIN THE PERIOD OF TEN YEARS
SECTION 1. The sum of one million pesos is hereby appropriated out of any funds in the National Treasury not otherwise appropriated as working capital of the Prison Industries and Salvage Warehouse Revolving Fund. Any cash overdraft of the said Revolving Fund which may be found existing and certified to as correct by the Auditor General upon approval of this Act, shall be considered as advanced from the general fund.
SECTION 2. The working capital herein provided for may be released by the Auditor General to the Bureau of Prisons in one lump sum upon certification of the Commissioner of the Budget as to the necessity thereof.
SECTION 3. The working capital herein appropriated as well as the cash overdraft shall be repaid to the National Treasury by the Prison Industries and Salvage Warehouse Revolving fund during a period of ten years beginning with the fiscal year 1955-1956 on the annual amortization basis.
SECTION 4. This Act shall take effect upon its approval.
Approved, June 15, 1954
Published in the Official Gazette, Vol. 50, No. 7, p. 2988 in July 1954
Cite This Law
Appropriation of Funds for Prison Industries and Salvage Warehouse Revolving Fund, Republic Act No. 1098, Jun 15, 1954 (Philippines)
Appropriation of Funds for Prison Industries and Salvage Warehouse Revolving Fund, Republic Act No. 1098 (Phil. 1954)
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