Appropriation of Funds for the Establishment of Pig Iron Smelting Plants by the National Shipyards and Steel Corp.
Republic Act No. 1396, enacted on September 8, 1955, allocates fifty million pesos from bond proceeds for the establishment of pig iron smelting plants by the National Shipyards and Steel Corporation. Of this amount, forty-five million pesos is designated for the construction of the plants, while five million pesos covers initial operating expenses. The Act stipulates that only one smelting plant may be established initially, using native coal if needed, and further plants can only be developed after the first is fully operational. Additionally, the National Economic Council is responsible for approving the locations of the smelting plants.
Law Information
- Reference Number
- Republic Act No. 1396
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
September 8, 1955
REPUBLIC ACT NO. 1396
AN ACT APPROPRIATING THE SUM OF FIFTY MILLION PESOS, OUT OF THE PROCEEDS OF THE BOND ISSUE AUTHORIZED BY REPUBLIC ACT NUMBERED ONE THOUSAND, TO FINANCE THE ESTABLISHMENT OF ONE OR MORE PIG IRON SMELTING PLANTS BY THE NATIONAL SHIPYARDS AND STEEL CORPORATION, AND TO PROVIDE SAID CORPORATION WITH OPERATING CAPITAL
SECTION 1. Out of the proceeds of the bond issue authorized under Republic Act Numbered One thousand, there is hereby appropriated the sum of fifty million pesos for the National Shipyards and Steel Corporation, forty-five million pesos of which shall be used to finance the establishment of one or more pig iron smelting plants, at such place or places as it deems convenient, and the balance of five million pesos to be used for the initial operating expenses of the pig iron smelting plants: Provided, however, That if coal is needed, native coal shall be used in connection with the operation thereof: Provided, further, That only one pig iron smelting plant shall first be established and no additional plant shall be put up until the first one shall have been fully established and operated: And provided, finally, That the National Economic Council shall determine and approve the sites where the smelting plants shall be established. casia
SECTION 2. This Act shall take effect upon its approval.
Approved: September 8, 1955
Published in the Official Gazette, Vol. 51, No. 10, p. 4957 in October 1955
Cite This Law
Appropriation of Funds for the Establishment of Pig Iron Smelting Plants by the National Shipyards and Steel Corp., Republic Act No. 1396, Sep 8, 1955 (Philippines)
Appropriation of Funds for the Establishment of Pig Iron Smelting Plants by the National Shipyards and Steel Corp., Republic Act No. 1396 (Phil. 1955)
Related Laws
- Iron and Steel Industry ActRepublic Act No. 7103 • Aug 8, 1991 • Statutes
- Supplemental Appropriation for Reimbursement of Customs Duties Incurred in Imported Iron and Steel Slabs and CoilsPresidential Decree No. 476 • Jun 3, 1974 • Presidential Issuances
- Guidelines to Implement Republic Act No. 7103 Otherwise Known as the Iron and Steel Industry ActIRR of RA 7103 • Oct 3, 1991 • Implementing Rules and Regulations
- Charter of the Philippine National Iron and Steel CorporationPresidential Decree No. 1402 • Jun 6, 1978 • Presidential Issuances
- Grant of Subsidy to the Iron and Steel Authority for Importation of TinplatesLetter of Instructions No. 719 • Jul 11, 1978 • Presidential Issuances
- Allocation of Government Subsidy for Importation of Tinplates by the Iron and Steel AuthorityLetter of Instructions No. 910 • Aug 9, 1979 • Presidential Issuances
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